What is a limited liability company (LLC)?
A limited liability company (LLC) is a type of business structure that combines the flexibility and simplicity of a partnership or sole proprietorship with the limited liability protection of a corporation.
This means that if you’re a member of an LLC, your personal assets are protected if the LLC faces debts, lawsuits or any other financial obligations. The LLC is a separate, registered entity, so your personal savings, home and other assets aren’t at risk to cover the LLC’s debt or legal issues.