Answer:
limited liability company
Step-by-step explanation:
A limited liability company (LLC) refers to the management structure throughout the USA where the shareholders are not personally responsible for the obligations or responsibilities of the business. Limited liability corporations are structured organizations that merge a company's features to those of a company or single proprietorship.
In other words, Limited liability corporations (LLCs) refers to the entity form authorized by state statutes. The laws applied to LLCs vary from state to state. Commonly, LLC managers are named leaders.
The main reason entrepreneurs choose to follow the LLC path is to restrict the personal liability of the members. Many see an LLC as a combination of a relationship, which is a basic business arrangement under an arrangement between two or more members, and an organization which has some liability provisions.