Although it's a lot of work, starting a business can be very gratifying. One of the most crucial actions you can take to ensure that your business is off to a great start is picking the appropriate business structure. The limited liability company, or LLC, is one common choice for small businesses. Several of the benefits that corporations offer, such as personal liability protection and adaptable management structures, are also available to LLCs. But, they also offer a few significant benefits, such as simplicity in creation and lower compliance obligations, that make them a popular option for small enterprises.