Limited Liability Company

For many small businesses this is a good type, particularly for those who want personal protection but dislike complications. Like a corporation, the owners of a limited liability company have no personal liability for company debts. People can sue the business, but they can't sue you as the owner. That means that even if a business fails, the owners can still keep their homes and personal assets. There a few formalities required and owners pretty much run the company as they choose. The simplicity and flexibility of the LLC makes it very easy to manage.