An LLC is a limited liability company

[daverdnob 4]

An LLC is a limited liability company, a legal entity, also a business structure that’s created by state law. An LLC can be used to run a business, or it can be used to hold assets such as real estate, vehicles, boats, or aircraft. The owners of an LLC are called members, an LLC can be owned by one person, called a single member LLC, or an LLC can be owned by two or more people, called a multi-member LLC. The LLC is created by the filling LLC information documents with your state and paying the filing fee. Why would you form an LLC? The number one reason is for asset protection. By forming an LLC you create a protective wall between your business and your personal assets.