### Question
How does the law define limited liability company?


### Answer
Under *12 U.S.C. § 1861*, **limited liability company** is defined as:

> any company, partnership, trust, or similar business entity organized under the law of a State (as defined in section 1813 of this title) which 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. § 1861*
  - Heading: **CHAPTER 18-BANK SERVICE COMPANIES**

