A Limited Liability Company  aka LLC is a legal entity registered with the Secretary of State.  LLC owners are known as members.  If you are the only owner/member, then you are considered to have a one member LLC.

A one member LLC is taxed with self employment tax the same as a sole proprietorship. The advantages of the LLC is that true to it's name, it limits your liability in the face of litigation and creditor collections.  This means only company assets are up for grabs as opposed to your personal assets.

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A multiple member LLC by default is taxed as a 

Partnership.  By application it is taxed as an

S-corporation.