Definition of limited liability company?
A Limited Liability Company (LLC) is a business structure allowed by state statute that is similar to a corporation, however, owners have limited personal liability for the debts and actions of the LLC. Owners of an LLC are called members. Since most states do not restrict ownership, members may include individuals, corporations, other LLCs and foreign entities, and "single members". There are, however, a few types of businesses that cannot be LLCs, such as banks and insurance companies.
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