<P> A limited liability company ( LLC ) is the United States - specific form of a private limited company . It is a business structure that combines the pass - through taxation of a partnership or sole proprietorship with the limited liability of a corporation . An LLC is not a corporation in itself ; it is a legal form of a company that provides limited liability to its owners in many jurisdictions . LLCs are well - known for the flexibility that they provide to business owners ; depending on the situation , an LLC may elect to use corporate tax rules instead of being treated as a partnership , and , under certain circumstances , LLCs may be organized as not - for - profit . In certain U.S. states ( for example , Texas ) , businesses that provide professional services requiring a state professional license , such as legal or medical services , may not be allowed to form an LLC but may be required to form a similar entity called a professional limited liability company ( PLLC ) . </P>
<P> A limited liability company ( LLC ) is the United States - specific form of a private limited company . It is a business structure that combines the pass - through taxation of a partnership or sole proprietorship with the limited liability of a corporation . An LLC is not a corporation in itself ; it is a legal form of a company that provides limited liability to its owners in many jurisdictions . LLCs are well - known for the flexibility that they provide to business owners ; depending on the situation , an LLC may elect to use corporate tax rules instead of being treated as a partnership , and , under certain circumstances , LLCs may be organized as not - for - profit . In certain U.S. states ( for example , Texas ) , businesses that provide professional services requiring a state professional license , such as legal or medical services , may not be allowed to form an LLC but may be required to form a similar entity called a professional limited liability company ( PLLC ) . </P>
what is the license to form a corporation issued by state government called
what is the license to form a corporation issued by state government called
limited liability company ( LLC )
limited liability company ( LLC )