LLC (Limited Liability Company)

A Limited Liability Company (LLC) is a form of business entity that offers limited liability protection for its owners, yet still allows the flexibility of ownership and operational structures to meet specific organizational needs. The LLC provides its owners with personal asset protection from debts and liabilities incurred by the company, making it an attractive choice for organizations involved in procurement activities. LLCs also provide favorable tax treatment, as they have the ability to choose between pass-through taxation or corporate status. As such, LLCs can be an effective option for businesses looking to engage in procurement activities in a responsible way.