There are several differences between an LLC and a corporation. An LLC is a separate legal entity with separate management and owners. The members are a company or individuals. A corporation is a legal entity that has one owner, not many. The members are not personally liable for any debts of the business. As a result, an LLC is not a good choice for unsecured debt. However, it can be useful if you have a large amount of personal debts. You can use the same method to secure your personal debts. llc definition