LLC

{
  "id": "MLC-T-LAW-003082",
  "term": "LLC",
  "field": "Law",
  "definition": "A business structure in the United States that combines the liability protection of a corporation with the tax treatment and operational flexibility of a partnership. The owners of a limited liability company (LLC), known as members, are shielded from personal responsibility for the company's debts or legal liabilities. Unlike a corporation, an LLC is not a taxable entity itself; its profits and losses are passed through to the members' personal tax returns.",
  "url": "https://mlchart.com/terminology/law/llc/"
}