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Limited Liability Companies: The Crowd Favorite of Business Entities

As a business, or individual looking to conduct business, one may be faced with the challenge of deciding what will be the most useful, profitable, and practical instrumentality to conduct such business. Historically, entrepreneurs had a few choices in business entities, none of which offered much versatility in comparison to the modern Limited Liability Company. These earlier, more unpopular, business classifications include, Limited Liability Partnerships, Limited Partnerships, and Limited Liability Limited Partnerships, all of which offered lucrative, yet sometimes complex, benefits. In today's businesses the relatively new Limited Liability Company, or LLC, has proven to be one of the most favorable business entities for its preferential tax treatment and the liability shield it provides to its members.

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