<human>:  Can you explain the difference between a an LLC and a Corporation?
<bot>: An LLC (Limited Liability Company) is a business structure that provides its owners with limited personal liability protection in the event the business is sued. It combines the franchising and flexibility of a partnership with the limited liability and transferability of a corporation. A Corporation is a business entity that is owned by shareholders. It is formal, and is subject to corporate laws and regulations. It provides limited liability protection to its members, meaning that any debts the company incurs will not affect its shareholders' personal assets.