Limited Liability Company
Limited Liability Company (LLC) Definition (in the Accounting Vocabulary)
The New York State Society of Certified Public Accountants offers the following definition of Limited Liability Company (LLC) in a way that is easy for anybody to understand: Form of doing business combining LIMITED LIABILITY for all owners (called members) with taxation as a PARTNERSHIP. An LLC is formed by filing ARTICLES OF ORGANIZATION with an appropriate state official. Rules governing LLCs vary significantly from state to state.