Series 7: 14.2.8. Limited Liability Company Accounts

14.2.8. Limited Liability Company Accounts

A limited liability company (LLC) is an entity that combines the benefits of a sole proprietorship or partnership with those of a corporation. An LLC is often considered to be more flexible than a corporation, as it is not required to have a board of directors, and its administrative and recordkeeping burden is lighter. LLCs provide flexibility in taxation as well and can often choose to be taxed as a sole prop