A limited liability corporation, also known as an "LLC," is a corporation where the shareholders of the corporation have limited liability for the activities of the corporation. Therefore, personal assets of the shareholders of the LLC are protected in the event of a lawsuit against the LLC, bankruptcy and/or for the debts of the LLC. When starting an LLC, one must follow the statutory requirements located in the particular state's LLC formation statute. To begin, in order to create the LLC, it is necessary to make sure that the particular name of the business is not already in use by another LLC. If the name is already in use, the LLC will not be permitted to use the proposed name and will have to submit an alternative name. Thereafter, the LLC must file formal legal formation documents with the Secretary of State's office. The particular documents are proscribed in the state statue. Once the LLC is filed with the State, there may also be county or local government filings required in connection with the LLC formation such as a business certificate or updated license information; thus, is important to check with the regulations of the local jurisdiction. When forming the LLC, it is also necessary to review insurance for the LLC, in addition to checking to see if any LLC assets require re-titling in the name of the LLC.