The limited liability company, also known as "LLC," offers significant advantages from other types of corporation forms. The most significant hallmark of the LLC is that there is limited liability. Thus, the limitation of the members of the LLC is restricted to the extent of their investment in the business. In other words, the private assets of the members of the LLC cannot be touched in the event that the LLC is sued, is bankrupt, is found liable or other events which lead to liability. Moreover, the LLC avoids what is commonly referred to as "double taxation." Consequently, the LLC's earnings are not reported to the Internal Revenue Service and instead, the individuals who comprise the LLC report the earnings as personal income on individual tax returns. Furthermore, the LLC offers a high degree of flexibility. Therefore, issues such as the distribution of earnings or how the business will be managed may be tailored by agreement of the parties. In addition, the LLC allows for non-United States citizens to be included in the company.