A limited liability company, in the law of most U. S. jurisdictions, is a legal form of company that supplies limited liability to its owners. Although a business, a limited liability company is not considered a corporation, instead, it's a type of unincorporated association. A limited liability company is generally more flexible and simpler for businesses with a one owner. Many LLC operating agreements call for a manager or board of managers to oversee everyday operations. Limited liability companies are managed by their members in relations to their membership interests. More questions regarding limited liability companies can be answered by an attorney in your area.