Limited Liability Company. A type of company, authorized only in certain states, whose owners and managers receive the limited liability and (usually) tax benefits of an S Corporation without having to conform to the S corporation restrictions.

For more information, see The Difference between an S Corporation and an LLC.

Use LLC in a sentence

A limited liability company can protect a shareholder because he or she is only liable up to the amount invested in the company.

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tax status PIMCO