LLC is a type of business structure which has characteristics of both partnership as well as a company. Full form of LLC is Limited Liability Company; under this form of business organization the members of the firm or company have limited liability and hence they cannot be made personally liable for the debts of the organization. Under LLC there is no tax on the net profits of the company, but the profit share received by the owners is taxable and hence owners have to pay it while filing their personal tax returns. These are best suited for those individuals who want to have flexibility and also want to take benefit of advantages of both forms of business structure which is the corporation as well as partnership.