What Does Limited Liability Company or LLC mean?

What does it mean to have a limited liability company, or LLC?

A limited liability company literally means protection. That’s what you start with. The protection is to an individual. Oftentimes you start as a sole practitioner, something along those lines. You’re not big enough to be a corporation, but you want to make sure that if something goes wrong, they can’t come after your personal assets. So that’s really the basis of having a limited liability company, is to protect your assets from any future negative circumstances.