Limited Liability Company
A limited liability company is one of the types of business corporations. Each shareholder makes a contribution to the limited liability company, thereby participating in its registered capital. Shareholders are then jointly and severally liable for the company’s debts only up to the amount of their outstanding contribution obligations (according to the status recorded in the Commercial Register at the time they were called upon by a creditor to perform).
The formation of an LLC is one of the simplest compared to other types of corporations. This is also why limited liability companies are a very popular option.
