The limited liability company (LLC) is a form of business organization that is rapidly gaining popularity in the United States.
The concept originated in Germany and was First introduced in the United States in the state of Wyoming in 1978.
Along with the subchapter S corporation, it is a popular choice for start-up firms. As with partnerships and corporations, the profits of an LLC flow through to the tax returns of the owners and are not subject to double taxation.
The main advantage of the LLC is that all partners enjoy limited liability.This differs from regular and limited partnerships, where at least one partner is liable for the debts of the partnership.