LLC is a common form of legal entity in the United States, and its full name is Limited Liability Company, meaning limited liability company. The ownership of an LLC is a combined ownership, with multiple shareholders jointly owning the company. Unlike other forms of companies, the shareholders of an LLC enjoy limited liability, meaning their personal assets are not affected by the company's debts. An LLC does not require public participation in the market, nor the appointment of a statutory representative, directors, or company secretary. The minimum registered capital for an LLC is 1 US dollar, and there is no need for capital verification. Therefore, an LLC is a flexible, simple, and low-cost legal entity form, suitable for small businesses and individual entrepreneurs.