Fact checked by Vikki Velasquez Reviewed by David Kindness A limited liability company (LLC) is a business structure that ...

It's also easier to set up an LLC than it is to establish a corporation. When you form an LLC, you gain a range of advantages—from personal liability protection and business credibility to ...

In the case of a partnership, the LLC must file an informational tax return with the IRS each year, known as Form 1065, as well as prepare Schedule K-1 forms for each of its owners. The partnership is ...