MoMo Productions / Getty Images A limited liability company (LLC) is a business structure that helps shield the personal assets of the business owner or owners in the event of a lawsuit ...

An LLC operating agreement puts in place the person or persons who are responsible for the daily operation of the business or collection of rents, payment of expenses and division of revenue.

For many small business owners, the choice will be between a sole proprietorship and a limited liability company (LLC). Here is what you need to know about each one to decide which might be right for ...