What is “Limited Liability Company”?

A Limited Liability Company is, abbreviated as LLC is a business entity that allows a business to operate separately from its owners. There is “limited liability” because¬†debts or liability incurred by the LLC do not transfer to the owners. Owners of an LLC are called “members.” An LLC can be managed by its members or by a manager appointed by the members.

To be established LLCs must be registered with a state.

Operating Agreements specify who the owners are, how much of the business they own, who makes the decisions, and what happens if there is a disagreement.

Check out our LLC “Operating Agreements” to document the legal terms of your LLC.

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