An entity formed and governed within its jurisdiction. It enjoys limited personal liability like a corporation along with taxes similar to a partnership or S corp. It is a Company in which shareholders limit their liability exposure to their percentage of ownership or equity interest in the company. Shareholders' personal assets are protected in the event of business-related lawsuits

 

"We chose to form as a limited liability company rather than a partnership because of personal liability advantages."

 

"Forming a Limited Liability Company usually requires filings with your State's secretary of state as well as your local municipality."

 

"When forming a limited liability company, it's highly advisable to get legal advice."

 

"To dissolve your Limited Liability Company, you will want to consider your articles of organization, terms and conditions of your LLC agreement, and the laws related to them."