“LLC” is short for “Limited Liability Company” and is the most frequent type of business entity that we create. LLCs are both flexible and dynamic. An LLC offers similar levels of asset protection as a Corporation, but without the onerous amount of compliance that a Corporation requires. If created and administered properly, LLCs can be a wonderful tool for business owners. But please note – once a creditor exists, creating a LLC at that point to protect your assets is simply too late. You must create an LLC in advance of knowing about a creditor.