A limited liability company (LLC) is a hybrid business entity having certain characteristics of both a corporation and a partnership. An LLC is not a corporation, but instead is a type of unincorporated association. The primary characteristic an LLC shares with a corporation is limited liability, and the primary characteristic it shares with a partnership is the availability of pass-through income taxation. It is often more flexible than a corporation, and it is well-suited for companies with a single owner.
(Wikipedia)