An LLC, or limited liability company, is a business structure that combines the liability protection of a corporation with the tax benefits and flexibility of a partnership. Owners of an LLC, known as members, are protected from personal liability for business debts and claims, meaning their personal assets are typically not at risk if the LLC faces bankruptcy or lawsuits.

This structure allows for pass-through taxation, where business profits and losses are reported on the members’ individual tax returns, avoiding the double taxation often associated with corporations.

Florida asset protection attorneys Jon Alper and Gideon Alper, part of Alper Law