The Limited Liability Company, or LLC, is a business structure designed to combine the advantages of corporations and partnerships. It offers an affordable way for entrepreneurs to get started without risking their personal assets. An LLC is legally separate from its owners, who are referred to as members. This means any debts incurred by the company are not the responsibility of the members. The LLC also provides great tax benefits as it allows for all profits and losses to pass through directly to the members and be reported on their individual tax returns. As with other corporate structures, an LLC has less paperwork and restrictions than forming a corporation. With ease of formation, flexibility and asset protection, an LLC is the go-to option for many entrepreneurs.