A Limited Liability Company (LLC) is a popular business structure that combines the benefits of both a corporation and a partnership. It protects its owners, known as members, from personal liability for the company's debts and obligations. This means that if the LLC faces financial trouble, the personal assets of the members, like their homes or savings, are generally safe from creditors. Additionally, an LLC offers flexibility in management and taxation. Members can choose how they want the business to be taxed, either as a corporation or as a pass-through entity, where profits and losses are reported on their personal tax returns. This makes an LLC an attractive option for many small business owners.