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A form of business that is normally taxed as a partnership and shields its owners from responsibility for business debts.
By default, an LLC does not pay taxes. Instead, its owners pay taxes on their proportion of the LLC profits based on their individual tax rates. LLCs may also elect to be taxed as corporations. A new type of entity has been invented in recent years called a series LLC (SLLC). A series LLC consists of a parent LLC and a series (Series A, B, C, etc.) of LLCs owned by the parent LLC. The unique advantage of a series LLC is that each series is a legally separate entity protected from liability. The series LLC is essentially a parent LLC that has separate divisions that are all independent with respect to liability.
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