The Portable Class Library project enables you to write and build managed assemblies that work on more than one .NET Framework platform. You can create classes that contain code you wish to share across many projects, such as shared business logic, and then reference those classes from different types of projects.
Using the Portable Class Library project, you can build portable assemblies that work without modification on the .NET Framework, Silverlight, Windows Phone 7, or Xbox 360 platforms. Without the Portable Class Library project, you must target a single platform and then manually rework the class library for other platforms. The Portable Class Library project supports a subset of assemblies from these platforms, and provides a Visual Studio template that makes it possible to build assemblies that run without modification on these platforms.
Note: Portable Class Libraries are now built into Visual Studio 11. For Visual Studio 2010 one needs to install this add-in from Visual Studio Gallery.
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