A Limited Liability Company (LLC) is a business structure that combines elements of both a corporation and a partnership. It provides limited liability protection to its owners (members) while offering flexibility in terms of management and taxation. LLCs are often used by businesses and individuals for various purposes, including investments and real estate holdings. Understanding the ownership and control structure of LLCs is essential for financial institutions to assess customer risk and compliance with anti-money laundering (AML) regulations.
