What defines a Limited Liability Company (LLC)?

A Limited Liability Company (LLC) is defined as a hybrid business structure that combines features of both corporations and partnerships. This means that an LLC provides its owners, known as members, with personal liability protection similar to that of a corporation, which helps safeguard personal assets against the company's debts and lawsuits. Additionally, unlike a corporation, an LLC allows for flexible management structures and the potential for pass-through taxation typical of partnerships, where income is reported on the personal tax returns of the members, avoiding the double taxation often faced by corporations.

The other options do not characterize an LLC. For example, a non-profit organization is not intended to profit its members or shareholders, which distinguishes it from the profit motive inherent in LLCs. High taxation is also not a defining feature of LLCs, as they can often benefit from pass-through taxation. Lastly, while LLCs limit personal liability, they do not inherently limit the owners' involvement in management; members can actively manage the business if they choose to do so. Thus, option A accurately captures the essence of what an LLC is and its key characteristics.