What does it mean to have a limited liability company, or LLC? | The Law Offices of Hoyt & Bryan, LLC | Family Wealth & Legacy Counsellors | Partners in Planning. Friends for Life | (407) 977-8080 | http://hoytbryan.com | 254 Plaza Drive Oviedo, Florida 32765 A limited liability company is one form of business entity, and generally speaking, it protects both the business assets inside the business, as well as, protects the assets of the business from outside creditors.