A limited liability company (LLC) blends partnership and corporate structures. You can form an LLC to run a business or to hold assets. The owners of an LLC are members. LLCs protects its members against personal liabilities.
An LLC will be either:
A disregarded entity (for federal purposes), if it has only one member
Single member limited liability company (SMLLC)
A partnership, if it has more than one owner
Limited liability partnership
Limited liability limited partnership
Series limited liability company
An LLC being taxed as a corporation
An LLC must have the same classification for both California and federal tax purposes.