What is an LLC?
user
What an interesting question!  A Limited Liability Company, or LLC for short, is a business entity.  It has some special legal rights and responsibilities, just like a corporation.  A LLC can be structured as a single-owner business, or as a partnership.
assistant
Is there an advantage to being an LLC?
user
An LLC is able to shield its owners from some of the liabilities of the business, and give them limited liability.  On the other hand, an LLC is a legal entity, which has its own tax and paperwork requirements.
assistant
So they have less liability?
user
Well, it’s actually a tradeoff.  The company has limited liability, meaning the owners don’t have to be responsible for some debts, like some creditor might have a claim on a sole proprietorship.  But it’s more difficult to make legal changes.  For example, if the company decides to hire new staff or get a new bank account, or change its insurance plan, that’s a really complex process to do within an LLC.  They have to add partners to the LLC, or dissolve it and start a new one.  It’s hard to do things that way.  But they do get some protection for themselves personally.
assistant
What is an LLC?
user
What an interesting question!  A Limited Liability Company, or LLC for short, is a business entity.  It has some special legal rights and responsibilities, just like a corporation.  A LLC can be structured as a single-owner business, or as a partnership.
assistant
Is there an advantage to being an LLC?
user
An LLC is able to shield its owners from some of the liabilities of the business, and give them limited liability.  On the other hand, an LLC is a legal entity, which has its own tax and paperwork requirements.
assistant
So they have less liability?
user
It is true that if an LLC owner is sued for damages related to the business, she/he will not be personally liable, if the LLC can prove it, for the damages.
assistant
What is an LLC?