The Limited Liability Company

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Attributes of a Limited Liability Company:

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• Limited Liability Company Number of Owners Required:

• A Limited Liability Company can have a minimum of one (1) owner in most states. Owners of a Limited Liability Company are called "MEMBERS". A Limited Liability Company can have an unlimited number of maximum owners in most states. Ownership in a Limited Liability Company is usually held with a "membership certificate".

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• Management of a Limited Liability Company:

• The Limited Liability Company is typically managed by either its "Manager or Managers" or it is "Member-managed." The same person can act as the sole Member and also be either its "Manager" or be its "managing-member". A person can be a Member without being a Manager. Likewise, a Manager can be appointed to manage the Limited Liability Company without being a Member (owner).

 

Protection of Personal Assets:

A Limited Liability Company (LLC) offers protection to your personal assets similar to a corporation, with less corporate maintenance. 

 

 

• The key features and benefits of a Limited Liability Company are:

• ►Members of an Limited Liabilty Company are not typically held personally responsible for Company debts and obligations

• ►Limited Liabilty Companys can be taxed as partnerships or corporations

• ►Limited Liabilty Companys allow for pass-through taxation

• ►Limited Liabilty Companys can allocate profits and loss different from the ownership percentages

• ►Limited Liabilty Companys  require less annual paperwork than Corporations

• ►It is generally considered more difficult for a Limited Liabilty Company to "go public" then a corporation

• ►Limited Liabilty Companys are generally perceived as more professional and long-term than sole proprietorships and general partnerships