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” becauseĀ 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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