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What is an LLC?

LLC = a hybrid business org that:

1. is taxed like a partnership (except for single member LLC);
2. offer its owners (called members) the LIMITED LIABILITY of shareholders of a corporation; AND
3. can be run like EITHER a corporation or a partnership


Is there a limit to the number of owners (members) of an LLC?

There is no limit on number of owners (members)

(unlike subchapter S corp)


In an LLC, does anyone have to accept full personal liability for org's debts?


(unlike limited partnership)


What controls most aspects of LLC's business and management?

-LLC's are governed by statute
-LLC members may adopt "OPERATING AGREEMENT" to control most aspects of LLC's business and management


What is the model law that provides default set of rules for LLC's?

RULLCA of 2006

Revised Uniform Limited Liability Company Act of 2006