The type of company that’s often described as a combination of a partnership and a corporation is a:

• Limited Liability Company (LLC)

Here’s why:

• Partnership-like features:
  • LLCs can have “pass-through” taxation, meaning that profits and losses are passed through to the owners’ personal income tax returns, similar to a partnership.
  • They often have flexible management structures, resembling partnerships.
• Corporation-like features:
  • LLCs offer limited liability protection to their owners (called “members”), meaning that their personal assets are generally protected from business debts, which is a key characteristic of corporations.

Therefore, LLCs provide a hybrid structure that combines the tax advantages and flexibility of partnerships with the liability protection of corporations.