Question

A business organization that is a hybrid of the corporation and the partnership. It is taxed as a partnership but offers the limited liability of a corporation.

Answer 1

Answer:

A limited liability company (LLC) is a hybrid business structure allowed by state statute. LLCs are attractive to small business owners because they provide the limited liability features of a corporation and the tax efficiencies and operational flexibility of a partnership. ... Owners of an LLC are called members.