Limited Liability Company (LLC)
A business structure that legally separates the owners from the business, protecting personal assets from most business debts and liabilities.
An LLC combines some of the liability protection of a corporation with simpler management and tax flexibility, and it can be owned by one person (single-member) or multiple owners (multi-member), each with an operating agreement governing how the business runs.
Because an LLC is a distinct legal entity, lenders evaluate both the business and, in most small business financing, still require a personal guarantee from the owner or owners, since the liability shield doesn’t automatically extend to a business’s loan obligations.
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