What is a "limited liability company" (LLC) in Utah?

A limited liability company (LLC) in Utah is recognized as a business structure that effectively combines the benefits of limited liability protection typically found in corporations with the pass-through taxation features associated with partnerships. This means that the owners of an LLC, referred to as members, are not personally liable for the debts and liabilities of the company, which protects their personal assets.

This structure provides flexibility in management and operation, allowing members to decide how they want to manage the business, whether by themselves or through designated managers. Additionally, LLCs do not face the double taxation that corporations can encounter because profits and losses can be reported on the members' personal tax returns.

In contrast, the other options do not accurately describe what an LLC is. A limited liability company is not a type of corporation limited to a single owner; it can have multiple members, thus rejecting the notion presented in the second choice. Furthermore, an LLC is not a government entity aimed at regulating businesses, nor is it a partnership where all partners face unlimited liability for debts, which misrepresents the fundamental aspects of an LLC's protection structure. Thus, option A comprehensively and accurately captures the essence of a limited liability company in Utah.