Limited Liability Company
/ˌlɪmɪtɪd ˈlaɪəbɪlɪti ˈkʌmpəni/
Definitions
- (n.) A business entity that combines the limited liability of a corporation with the tax efficiencies and operational flexibility of a partnership.
Many small businesses choose to form a limited liability company to protect owners from personal liability.
Forms
- limited liability companies
Related terms
See also
Commentary
Use the term accurately to distinguish LLCs from other business entities, emphasizing its hybrid nature and member protections.
This glossary is for general informational and educational purposes only. Definitions are jurisdiction-agnostic but reflect terminology and concepts primarily drawn from English and American legal traditions. Nothing herein constitutes legal advice or creates a lawyer-client relationship. Users should consult qualified counsel for advice on specific matters or jurisdictions.