If you would like to become a limited liability company, but are concerned because you currently have only one interested person, do not fret. A single member LLC is a legally viable form of limited liability company. LLCs with a single member are much like a sole proprietorship. A sole proprietorship is owned and run by one individual, however, they have unlimited liability, meaning they are solely responsible for the entire businesses profits, as well as debts. Within an LLC, its members are granted limited liability coverage, which ensures their personal assets, will not be taken in the event of a company collapse. Please seek a professional for additional information about opening your own business.