An LLC, or limited liability company, is a business structure allowed to exist by state statute. Accordingly, each state has different laws to regulate its LLCs. It provides limited liability to its owners in most U.S. jurisdictions. LLCs do not need to be organized for profit. People who own LLCs are referred to as members, and there is no limitation to the number of LLC members. Members may include individuals, other corporations, other LLCs, and foreign entities. LLC members cannot be held personally liable for the company’s debts or liabilities, providing a degree of protection for the owners’ personal assets outside the LLC. Also, members are not taxed twice on their profits. The IRS has special rules regarding LLCs; consult with a tax adviser for more information.