LLC - Limited Liability Company
Limited Liability Company or LLC is a business structure that has characteristics of both corporation and partnership.
Characteristics of an LLC
- Like corporations, LLC's owners have limited personal liability;
- Like partnerships, LLC's provide management flexibility and the benefit of flow?through taxation;
- Owners of an LLC are called members. Members may include individuals, corporations, other LLCs and foreign entities. There is no maximum number of members;
- LLC with one member is considered a disregarded entity, unless it elects otherwise. Short form for Single Member Limited Liability Company is "SMLLC." Various practitioners advise their clients to transfer real estate properties to SMLLC for additional protection.
- LLC's are legal in all fifty states.
