Limited Liability Company (LLC) Definition and Legal Meaning

On this page, you'll find the legal definition and meaning of Limited Liability Company (LLC), written in plain English, along with examples of how it is used.

What is Limited Liability Company (LLC)?

“Company that provides its members the benefits of both a corporation and a partnership. Similar to a corporation, an LLC offers limited liability to its members. However, taxation for an LLC is passed to the individual owners of the LLC and corporate income tax is not paid.