Limited Liability Company (LLC)

A type of company, authorised only in certain states of the US, that consists of member owners and a manager, at a minimum. An LLC combines the more favourable characteristics of a corporation and a partnership; its structure permits the complete pass-through of tax advantages and operational flexibility found in a partnership, operating in a corporate-style structure, with limited liability as provided by the state's laws.

The Limited liability partnership (LLP) found in the UK is similar to a US LLC.