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Some people may be confused about the title of limited liability company (LLC). Is an LLC a partnership or corporation? The easy answer is that it is a little of both. A business that exists as a partnership can apply for an LLC license. This will establish a legal protection over the individuals running the entity in cases where the company is held liable for any legal troubles. In this way, it is similar to a corporation. However, the similarities end there. LLCs are otherwise free from many of the restraints faced by corporations. In order to apply and get approved for an LLC title, your company must meet certain requirements set forth by your local government. Work with your local government office to begin the process of applying for an LLC title. This is an essential step for any grassroots business that wants to obtain legal protection from liability.