Limited Liability Companies are relatively new to the world of corporate entities, having been introduced in the 1970s to make a corporate structure that had the advantages of a partnership, without the drawback of twofold tax collection. Today, LLCs carry the majority of benefits that S-Corp or C-Corps offer, but without these entities’ confinements or double taxation policies. The purpose of the Limited Liability Company is to essentially compartmentalize risky assets (think: land, rental properties, watercraft, and aircraft) with safe assets held by the AMLP.