Limited Liability Company (LLC) Basics

"A limited liability company (LLC) combines attributes of both corporations and partnerships (or, for one-person LLCs, sole proprietorships): the corporation's protection from personal liability for business debts and the pass-through tax structure of partnerships and sole proprietorships. And, while setting up an LLC is more difficult than creating a partnership (or sole proprietorship), running one is significantly easier than running a corporation."

This article from nolo.com explains the basic features of an LLC.