A limited liability company or “LLC” is the most commonly utilized type of incorporated entity for businesses. It is similar to a corporation in that it creates limited liability for its owners. This is the entity type of choice in many situations, though they have not completely replaced corporations for all purposes. Often considered to be “simpler” or cheaper than corporations to set up, this is sometimes but not always true – LLCs can be and frequently are incredibly complex. It all depends on the circumstances.