A Limited Liability Company (LLC) is the amalgamation of both a corporation and a partnership/sole proprietorship. Owners of an LLC have the same limited liability offered through the corporate structure, meaning that their personal assets will be protected if the company is sued. LLC owners will also benefit from the same pass-through taxation that’s available to partnerships or sole proprietorships; company assets are reported on an owner’s income tax report, resulting in no dividend tax or double taxation. Additionally, maintaining an LLC is relatively straightforward as there are no requirements for regular meetings or corporate formalities