A limited liability company (LLC) is a business structure in the United States that combines the pass-through taxation of a partnership or sole proprietorship with the limited liability of a corporation. LLCs are popular among small businesses because they offer the flexibility and tax benefits of a partnership or sole proprietorship, while still providing the legal protection of a corporation. LLCs are also popular because they do not require owners to have formal meetings or keep corporate minutes. An LLC can be formed by one or more individuals, corporations, other LLCs, or any combination thereof. The members of an LLC are not personally liable for its debts and obligations, allowing them to protect their personal assets in case of litigation or bankruptcy.