limited liability company (LLC)

limited liability company (LLC) definition - business

limited liability company (LLC)

A company formed as a combination partnership/corporation in which profits of the business pass through and are taxable to the owners, who are shielded from personal liability.

The American Heritage® Dictionary of Business Terms Copyright © 2009 by Houghton Mifflin Harcourt Publishing Company. Published by Houghton Mifflin Harcourt Publishing Company. All rights reserved.

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