Limited Liability Corporation LLC
A limited liability company (LLC) is a corporate structure in the United States whereby the owners are not personally liable for the company's debts or liabilities. Limited liability companies are hybrid entities that combine the characteristics of a corporation with those of a partnership or sole proprietorship.
A form of business operation that declares the business as a separate, legal entity guided by a group of officers known as the board of directors. A corporate structure is perhaps the most advantageous way to start a business because the corporation exists as a separate entity.
Limited Partnership LP
A Limited Partnership is a partnership consisting of a general partner, who manages the business and has unlimited personal liability for the debts and obligations of the Limited Partnership, and a limited partner, who has limited liability but cannot participate in management.