Limited Liability Companies started in the United States in Wyoming in 1977. Similar entities existed in Germany in the late 1890’s. The Wyoming farmers wanted the advantages of corporations (specifically, limited personal liability) with the advantages of being unincorporated (no organizational meetings, By-Laws, accounting requirements). Since then, all 50 states have adopted various forms of LLC’s. Not all states have the same advantages. That’s the GOOD.. no organizational meetings, no By-Laws. It is operated the same as a sole proprietor.
If there is more than one owner, it is called a multiple member LLC (similar to a partnership).