Business and Personal Finance Dictionary

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• LIMITED LIABILITY COMPANY
  
  The LLC is not a corporation, but it offers many of the same advantages. Many small business owners and entrepreneurs prefer LLC’s because they combine the limited liability protection of a corporation with the "pass through"" taxation of a sole proprietorship or partnership. LLC’s have additional advantages over corporations: LLC’s allow greater flexibility in management and business organization. LLC’s do not have the ownership restrictions of S Corporations, making them ideal business structures for foreign investors. LLC’s accomplish these aims without the IRS' restrictions of an S Corporation. LLC’s are now available in all 50 states and Washington, DC
  
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