What is an LLC?
LLC stands for Limited Liability Company. Because it is not a partnership or a corporation, the owners of an LLC are not partners or shareholders, they are ""members."" An LLC actually combines aspects of partnerships and corporations, so an LLC is less formal and more flexible than a typical corporation, yet offers protection as well as certain advantages that are much the same. For example, members cannot be found personally liable for company debts. Their assets are separate from the assets of the LLC so they cannot be seized.