The limited liability company (LLC) is a corporate structure that protects its owners from being personally pursued for repayment of the company's debts or liabilities. Other key things to keep in mind:
Regulation of LLCs varies from state to state.
Any entity or individual can be a member of an LLC with the notable exceptions of banks and insurance companies.
LLCs do not pay taxes on their profits directly.
Their profits and losses are passed through to members, who report them on their tax returns.