Small Business Law and Litigation Glossary Terms

LLC Limited Liability Company

A formal organization of a business that limits the extent to which members can be personally liable for the obligations of a business. LLC’s have specific allowances related to taxes and flexibility in management and distribution of profits, allowing them to act as a corporation in some ways and a partnership in others. LLC’s must file “Articles of Organization” with the Secretary of State and should have an Operating Agreement in place. A small business attorney can advise about LLC organization and how to operate legally as one.

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