Final answer:
An LLC, or Limited Liability Company, is a business structure that offers protection from personal liability similar to a corporation, but with the tax efficiencies and flexibility of a partnership.
Step-by-step explanation:
The business structure that combines elements of a corporation and a partnership and is operated under one or more individuals is called a Limited Liability Company (LLC). An LLC is a flexible form of enterprise that blends elements of partnership and corporate structures. Unlike a sole proprietorship or a partnership, an LLC protects its owners from personal liability for debts and claims, which means that personal assets are protected if the company incurs debt or is sued. However, it also provides the tax efficiencies and operational flexibility of a partnership.