What is a limited liability corporation?

A limited liability company, also known as an ‘LLC’ is a type of corporate structure. It is a hybrid structure that combines characteristics of a corporation with those of partnership or sole proprietorship. LLC members cannot be held personally liable for the company’s debts, just like in a corporation, absent fraud, but you get the flow through taxation benefits of a partnership or sole proprietorship- meaning you do not pay taxes at both the corporate and individual levels, just at the individual level.—Loraine Medeiros, Esq., Law Offices of Lorraine M. Medeiros