Limited Liability Company - "LLC"

A "LLC" is an alternative to corporations and partnerships.  The LLC provides the corporate advantage of limited personal liability and the taxation advantage of partnerships.  As a flexible business entity, the LLC is an alternative to traditional forms of business.  

The members of the LLC are the owners of the business.  A member can invest in the LLC in exchange for a percentage of ownership interest.  In a member-managed LLC, the members act as the managers and are involved in the day-to-day operation of the business.   In a manager-managed LLC, specific managers are designated to run the business.