What is an LLC?

The Limited Liability Company (LLC) is not actually a corporation, but is a business organization that can be comprised of one or more owners. With the LLC, owners are called “Members” and can own a specified percentage (%) of the business rather than holding shares as with a corporation. LLCs do offer more flexibility in the way they are managed and usually have fewer recordkeeping and reporting obligations than corporations. LLC business owners have the option of taxing the LLC like a sole proprietorship, a partnership or a corporation by filing the appropriate forms with the IRS.