A limited liability company (LLC) is a type of business or corporate structure in the United States whereby the owners are not personally liable for the debts and liabilities of the business. This means that if the business is sued or goes bankrupt, the owners’ personal assets are protected.
LLCs are popular among small business owners because they offer the liability protection of a corporation without the complex tax and regulatory requirements. In addition, LLCs can be more flexible than corporations in terms of ownership and management.