Limited Liability Company

Limited Liability Company or LLC is a relatively new concept that is popular because of the limited personal liability business structure.  The creation of a business structure such as an LLC is made possible by state statute.  This means that LLC rules can vary slightly from state to state.  For example, most states permit a single owner to form a Limited Liability Company.

Federal regulations prohibit certain types of businesses - specifically, banks, not for profit organizations and insurance companies - from forming an LLC.