The LLC, or Limited Liability Company, can be defined as an unincorporated company that is a cross between a corporation and a partnership. The owners of an LLC are referred to as “members”. The LLC is a business structure that allows owners to pay business taxes on their individual income tax returns like partners (or, for a one-person LLC, like a sole proprietor). With an LLC you can achieve the goal of pass-through taxation of business profits and limited personal liability for business debts.