LLC or Limited Liability Company is a flexible business structure affording protection and various tax-filing options. LLCs can be owned by one or more people and can be filed as a single-member LLC or a multi-member LLC. LLCs have several advantages that a limited liability structure works to protect you from lawsuits, double taxation, and reduces personal obligations and paperwork over corporations.
For small businesses, a limited liability company, whether organized as a professional limited liability company (PLC) or limited company (LC) offers a mix of personal asset protection and simplicity. The primary advantages are that personal assets are not tied to the business as in a sole proprietorship or general partnership. In addition, LLCs are easy to form and maintain without double taxation, unlike corporations.