Let $(d_i)_{i\leq n}$ be the leading principal minors of the considered complex $n\times n$ matrix $A\in M_n$.
The decomposition $A=LU$ exists and is unique iff for every $i$ $d_i\not=0$. This is equivalent to say that, in these conditions, the calculation of $A^{-1}$ can be done ( using Gauss Jordan) without any permutation. In fact, after the $n(n-1)$ linear combinations of rows or columns, $A$ is " diagonalized" in the form $(*)$ $diag(d_1,d_2/d_1,d_3/d_2,\cdots)$.
Here we admit permutations ($A=PLU$).
Let $Z=\{M\in M_n;\text{all minors of} \;M \;\text{are invertible}\}$. Note that the number of algebraic conditions in the definition of $Z$ is great but finite.
Then $Z$ is an algebraic set that is non-void (choose for the $(a_{i,j})$ algebraically independent complex numbers) and Zariski open. In particular, $M_n\setminus Z$ is Zariski closed and has $0$ Lebesgue measure; moreover, if the $(a_{i,j})$ follow a normal law, then the probability that a randomly chosen matrix $A$ is in $Z$ is equal to $1$.
It is not difficult to see that, if $A$ is a generic matrix, in the sense $A\in Z$, then you cannot reduce the number of $ n( n-1)$ linear combinations; indeed, at each step, the entries of the matrix are either $0$ by construction or product-fractions of determinants of minors of $A$.
For the same reason, the normalization of the diagonal matrix $(*)$ generically needs $n$ steps (Add some algebraic conditions in the definition of $Z$).