A Limited Liability Company (LLC) is a popular option for many small businesses. An LLC is a type of business that had the benefits of the limited liability of a corporation with the tax structure of a partnership.
Once your LLC is formed for your business the LLC will be legally recognized as an independent entity. It will have its own unique Employer Identification Number (EIN), rather than using your person social security number.
Once you have an EIN for your business, the business can have its own bank account, bank loans and insurance separate from the owner.