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Limited Liability Corporation

A Limited Liability Company (LLC) is a new form of business entity that combines the tax benefits of
partnerships with the limited personal liability of corporations. Started in a handful of states, the LLC has
swept across the country with amazing speed. Its tax structure is very similar to that of the general
partnership.

Although there was initial uncertainty as to how limited liability companies would be taxed, in 1997 The IRS ended all uncertainty. Now, LLC owners can indicate if they want to be taxed as a regular corporation, a sole proprietorship, or a partnership.

Currently, the LLC is very popular for start ups because of its flexibility in structure, simplicity, and tax
advantages. However, an LLC is generally not a good option for a public entity because the tax structure
can possibly create a series of complexities for its public owners.