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Tampa Business & Insurance Attorneys > Video FAQs > Business Formation > What does it mean to have a limited liability company, or LLC?

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.

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