Homework Help: business law

Posted by praveen on Friday, April 27, 2007 at 12:46pm.

what does LLC means. I know the full form of it. I want to know your definition in simple english ( english is my 2nd language). I read the internet, i still dont understand it.

This seems like a simple definition:

"Business owners form a Limited Liability Company (LLC) to reduce their personal liability. If you operate as a sole proprietor or partnership, you are personally responsible for any business debts or lawsuits against your business. Nearly everything you own can be at risk.

"When you set up an LLC, you separate your business and personal identities. This helps protect your personal savings, your house, your car, etc. LLCs can also provide business owners with other benefits like tax savings."

From:
http://www.llc.com/

thank you Mr Sue :)

i mean Ms Sue sorry :o :)

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