A limited liability company, or LLC, is a common and flexible legal structure that is formed under state law. Like a corporation, the owners of an LLC are not personally liable for the debts of the business.

An LLC should place a value on each membership. A membership interest is the value of all of the rights enjoyed by LLC owners, called members, including their monetary investment, voting rights and ability to share in the LLC's profits. A member's ...

Individuals and companies often cooperate in various ways to pursue different types of business opportunities. Some opportunities call for an ongoing relationship between the partners, as in the case of creating a business such as an LLC.