Question 30 of 75 What is a limited liability company (LLC)? An arrangement where parties, known as business partners, agree to cooperate to advance their mutual interests. A business entity formed under state law. Owners have limited personal liability for the debts and actions of the business. A business that is owned and operated by spouses as sole proprietor co-owners. A tegal entity that is separate and distirnct from rits owners and has many of the same rights and responsibilities as individuals