A Limited Liability Company (LLC) is a business entity that enjoys the more attractive features of both
a partnership and a corporation. It is similar to a corporation in that the liability exposure of
individual members is limited to what each has invested in the business. An LLC is similar to a
partnership in that it can be taxed at only one level. Like a partnership, income passes through and is
taxed against individual members as personal income. The exact tax implications of an LLC will vary
between jurisdictions. An LLC is managed by members or a management team.
