business formation

Sole Proprietorship

Limited Liability Company (LLC)

A LLC is a form of business structure that is owned and managed by members who are granted limited liability.  The members can be individuals or other organizations (LLCs, Corporations, etc.).  A LLC provides a separation between personal assets and the profits of a business.  If an LLC cannot or will not pay its debts, the owners or partners/members will not be be responsbile for the business’ debts so long as they did not enter an agreement to personally gurantee the debts of the LLC.