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.