This essay explains in details legal form of enterpreneurship, respectively limited liability company as enterprise in which one or more legal or natural persons invest subscribed investments with witch they participate in beforehand arranged subscribed capital. In essay are expressed basic characteristics and procedure of establishment of the limited liability company, but also procedure of liquidation if there is a need to close the company. Limited liability company necessarily must have assembly and management, while supervisory board is not obligatory, so this essay also explains in details those three bodies. Advantages and deficiencies of limited liability companies and which determinants differ them from limited liability company and trade are brought in last three chapters of the central part of this essay. Goal of this essay is to get basic comprehension about limited liability companies, but also endeavour to closely explain procedure of creation of company and to show what is needed in order that one company can start practicing it's work.