Starting a business? Here are the steps to form a limited liability company (LLC), as well as how to decide if an LLC is the right business structure for you.

An LLC is a legal designation U.S. business owners can choose for their business. It offers legal protection for personal assets, privacy and a low-cost way to register a new company legally.

The LLC arose from business owners' desire to adopt a business structure permitting them to operate like a traditional partnership. Their goal was to distribute income to the partners (who ...