A Limited Liability Company (LLC) is a business structure or organisation that is operated and managed by members (shareholder owners) with selective benefits of a corporation and a limited partnership (a newer type of business that is a blend between a sole proprietorship and corporation). The LLC members of the company are not personally liable for the company’s debts or liabilities. LLCs may be organised as not-for-profit and a few types of businesses but, generally cannot be LLCs such as banks and insurance companies.
Related Definitions in the Project: The Business Organisation
