Limited Liability Company - Definition
Limited Liability Company (LLC) allows owners to risk only their investment and personal assets are not at risk. Owners manage and control the business which can be run by one person. LLCs are more complicated than partnerships while it is easier to set up and maintain than corporation. LLCs are being taxed on earnings and owners can be taxed on business income.
For more information on this entity type, please contact the Corporations Division at (202) 442-4400; option #5, 1100 4th Street, SW, 2nd Floor, Washington, DC 20024.