When starting a company, there are many different business forms available. The Limited Liability Company (LLC) is a relatively new business structure and very popular. One of its benefits is that it protects owners' personal assets from financial liability and generally protects owners' from personal liability. An LLC is governed by state law, so the rules about them can vary from state to state. For example, many states do not allow certain types of businesses, such as banks, insurance companies, or non-profit organizations to be formed as LLCs. It is also important that since LLCs are state structures, no special federal tax forms exist for them. So an LLC must decide whether to be taxed as partnership, corporation, or individual.