# LLC

Concept · [Fundraising and equity](https://ecosystem.samcarlton.com/fundraising)

Also called: limited liability company, L.L.C.

Limited liability company. A common legal structure for a small business. It keeps the owners' personal belongings separate from the business's [debts](https://ecosystem.samcarlton.com/small-business-loan) and is generally simpler to set up and run than a [corporation](https://ecosystem.samcarlton.com/c-corp).

**For example:** A [founder](https://ecosystem.samcarlton.com/founder) running a small consulting business with no plans to take investor money might form an LLC.

## Connects to (7)

- [C-corp](https://ecosystem.samcarlton.com/c-corp): C corporation.
- [Equity](https://ecosystem.samcarlton.com/equity): Ownership in a company.
- [Venture capital](https://ecosystem.samcarlton.com/venture-capital): Money that professional investment firms put into young companies in exchange for equity.
- [Incorporation in Delaware](https://ecosystem.samcarlton.com/delaware-incorporation): Forming a company as a corporation under the law of the state of Delaware.
- [S-corp](https://ecosystem.samcarlton.com/s-corp): A corporation that has chosen a US tax status in which profits and losses pass through to the owners' own tax returns.
- [EIN](https://ecosystem.samcarlton.com/ein): Employer Identification Number.
- [Oklahoma Bar Association](https://ecosystem.samcarlton.com/oklahoma-bar-association): The association of lawyers in Oklahoma, based at the Oklahoma Bar Center in Oklahoma City.

> This glossary is plain-language orientation, not legal or financial advice. Before you decide on a company structure, a contract, taxes or a fundraising deal, talk with a lawyer or an accountant.

Map view: https://ecosystem.samcarlton.com/llc