### Question
How is the term limited liability company defined?


### Answer
The term **limited liability company** is defined in *12 U.S.C. § 1464* as the following:

> any company, partnership, trust, or similar business entity organized under the law of a State (as defined in section 3 of the Federal Deposit Insurance Act [12 U.S.C. 1813]) that provides that a member or manager of such company is not personally liable for a debt, obligation, or liability of the company solely by reason of being, or acting as, a member or manager of such company

#### Citation:
  - *12 U.S.C. § 1464*
  - Heading: **CHAPTER 12-SAVINGS ASSOCIATIONS**

