What is a Limited Liability Company?

Community Contributed
By Eileen M.S. Nims, Esq.
A Limited Liability Company (LLC) is a way you can protect your personal assets from creditors or law suits. It is a company that limits the liability you have toward any law suits to only the contents of your company. This is the way it works. When you have a business, or you have a rental unit, or you are providing a service, you can create an LLC for that activity. At the Hawaii State Department for Commerce and Consumer Affairs (DCCA) you can apply for a business license and create your LLC in one easy step for less than $100.…