Limited Liability Company Act

The Limited Liability Company (LLC) Act is a law that sets the rules for creating and managing LLCs, a type of business structure combining flexibility with limited personal liability. It allows owners (called members) to enjoy protection from personal financial risk if the company faces debts or lawsuits, meaning their personal assets are generally safe. The Act covers how to form an LLC, how it operates, and what responsibilities members and managers have. Overall, it provides a legal framework that encourages entrepreneurship while safeguarding individual assets within a clear, organized structure.