A limited liability company is essentially:

Question

Quizplus · Accepted Answer

A limited liability company (LLC) is a type of business entity in which the owners have limited liability protection, similar to that of a corporation. However, it does not have a general partner, which is a characteristic of a limited partnership. Therefore, option B is the correct answer. Option A is incorrect because LLCs do not have limited partners. Option C is incorrect because an LLC and a limited partnership are not the same thing. Option D is incorrect because an LLC and a corporation are two distinct types of business entities.

A Limited Liability Company Is Essentially