A limited liability company (LLC) is a business structure that combines the benefits of 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 are generally safe. LLCs offer flexibility in management and taxation. They can be managed by the members themselves or by appointed managers. Additionally, LLCs can choose how they want to be taxed, either as a corporation or as a pass-through entity, where profits are taxed only at the individual level.