A Limited Liability Company (LLC) is the most popular business structure for start-up organizations. Filing a LLC separates your personal assets from those of your business. For example, if your business is involved in a lawsuit, the assets of the LLC itself could be in jeopardy, while the personal assets of the members/owners would be protected. Owners of a LLC may include individuals, corporations, other LLCs and foreign entities. There is no maximum number of owners.

For LLCs, profits and losses are reported directly on the owners personal tax returns, making filing taxes a much easier process. However, LLCs are not public structures and do not have shareholders, so taking a company public is not an option. However, in the event that you'd like to take your business public you may switch to a public legal structure, like a C corporation, later on. It is important to note that a few types of businesses generally cannot be LLCs, such as banks and insurance companies.