A Limited Liability Company or an LLC is that type of business model which exhibits the properties of both the sole-proprietorship and corporation. Note that an LLC is eligible for the taxation feature of a sole proprietorship or partnership. At the same time an LLC business model limits the liability of the owners.
Note that an LLC is not a separate entity. In other words, the company doesn’t pay taxes and reports its losses. This is usually executed by the founders as they have to report the business losses or profits on tax returns. Always remember that just like corporations, members of the LLC are secured from the private liabilities.
