Limited Liability Company (LLC)
The Limited Liability Company or LLC is a formal organizational business structure that establishes a separate legal entity from its members.
The Limited Liability Company or LLC combines the protective aspects of the international trust and limited partnership, but with a more flexible structure. The Member/ Manager arrangement provides that the Manager need not have an ownership interest but can control the company and all of its assets.
The LLC is generally a tax-neutral vehicle, because it is normally taxed as a partnership, rather than as a corporation. There is no limit on the numbers of members or class of members, the members themselves are responsible for their share of any tax obligations of the LLC.