FoodieGo, a catering company, is owned by foreign investors and local businessmen. Its earnings are equally divided among its members. It does not face the problem of double taxation as taxes are only levied on the personal income of the members. The owners of FoodieGo do not have personal liability for any debts incurred by the company. In the given scenario, FoodieGo is an example of a _____.

A limited liability company is a hybrid between a partnership and a corporation. It is a separate legal entity which means that its owners are only liable for an amount of money equal tot heir investment. It also operates like a pass through partnership for taxation purposes, since a LLC doesn't pay corporate taxes. It is a best of both worlds situation.

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