An LLC is a type of unincorporated association distinct from a corporation. Limited liability companies are. Owners of an LLC are called members. Most states do not restrict ownership, so.
The main reason for forming an LLC - whether you are starting a new business or formalizing an existing one - is to separate your personal affairs from your business.
A limited company is a company ‘limited by shares’ or ‘limited by guarantee’. As in a partnership or limited liability company ( LLC ), the profits of an LLP are allocated among the partners for tax purposes, avoiding the problem of double taxation often found in corporations. Some US states have combined the LP and LLP forms to create limited liability limited partnerships. The limited liability company structure, much like a corporation, provides LLC owners with limited liability asset protection.
This means that the company assets are typically owned by the LLC and are separate from the personal assets from that of the LLC owner(s). A limited liability company (LLC) is a hybrid of a corporation and a partnership. Because LLC have features of both corporations and partnerships, it is called a “hybrid” entity.
How to find a business LLC?