Answer:
An LLC is a limited liability coporation which is, in essence, a partnership. The liability of each partner is limited to the amount they have invested in the company. If a partner invested 50% of the funding (or in some cases this is time invested), that partner is only liable for 50% of the debt of the company if it goes under or closes. There can be only two partners or a thousand partners. But each partner carries a risk equal to their investment.