Series 82: 2.1.2.5. Limited Liability Company Accounts

2.1.2.5. Limited Liability Company Accounts

A limited liability company (LLC) is an entity that combines the benefits of a sole proprietorship or partnership with those of a corporation. An LLC is often considered to be more flexible than a corporation, as it is not required to have a board of directors, and its administrative and recordkeeping burden is lighter. Owners of LLCs are referred to as members. LLCs provide flexibility in taxation as well and can often choose to be taxed