Introduction                                                           

Limited Liability Companies (LLCs) are popular due to the advantages they provide.  LLCs provide the limited liability protection of a corporation and the tax benefits of a partnership.  In other words, the owners of the LLC enjoy the dual benefit of not being personally liable for the debts and obligations of the LLC and being taxed only once on profits.

Limited Liability Companies

An LLC is a legal entity which is considered separate and distinct from its owners (known as members).  As a result, the members are not personally liable for the debts and obligations of the LLC.  For example, if an LLC is subject to a monetary judgement as a result of a lawsuit, assets of the members are legally protected.

An LLC and its members benefit from advantageous tax treatment.  Unlike regular corporations, the members of an LLC are not subject to double taxation.  Instead, an LLC is taxed as a "pass through" entity, whereby the profits of the LLC "pass through" to the members, who recognize the profit on their personal tax returns. test link

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