Final answer:
A limited liability company (LLC) combines the feature of limited liability for its members with organizational characteristics similar to a corporation, providing protection of personal assets from business liabilities.
Step-by-step explanation:
A limited liability company (LLC) combines the feature of limited liability for its members with organizational characteristics otherwise similar to a corporation. This means that like a corporation, the LLC offers its owners protection from personal liability for business debts, while at the same time providing advantages associated with less formality, such as tax benefits similar to those of a partnership.
Owners of an LLC are often called members and these members are not personally responsible for the company's debts or liabilities, similar to the protection shareholders of a corporation receive. Thus, members are able to take risks on behalf of the business without the fear of losing personal assets.
An LLC structure also provides the ability to attract investment and talent by offering shared profits and the potential for growth without incurring a personal tax burden on the business earnings, since profits and losses can be passed through to members' personal income without taxation at the company level.
The correct answer to the question about which distinct feature a limited liability company combines with an otherwise corporate-like organization would be b) Limited liability for members.