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


### Answer
The term **limited liability company** is defined in *15 U.S.C. § 662* as the following:

> a business entity that is organized and operating in accordance with a State limited liability company statute approved by the Administration

#### Citation:
  - *15 U.S.C. § 662*
  - Heading: **CHAPTER 14B-SMALL BUSINESS INVESTMENT PROGRAM > SUBCHAPTER I-GENERAL PROVISIONS**

