West's Business Law with Online Research Guide, 9th Edition

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LLCs Limited Liability Company (“LLC”): A hybrid form of business, which is taxed like a partnership while offering owners the limited liability of a corporation . An LLC can be owned, in whole or in part, by corporations, partnerships, or foreign investors, and need not be “closely-held” – meaning that it may have unlimited investors . An LLC is composed of one or more owner(s), called member(s), who must file articles of organization with the appropriate state authority. Some states’ statutes require that an LLC have at least two members; other statutes are silent on the number of members required to form an LLC. An LLC must include the words “Limited Liability Company” or the initials “LLC” in its business name, as reflected on its articles of organization. Ch. 41: Limited Liability Companies and Limited Partnerships - No. 1 West’s Business Law (9th ed.)
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LLC PROS AND CONS Key Advantages: members enjoy limited personal liability ; LLCs with two or more members may elect to be taxed as a corporation or a partnership; and flexibility in management and operations. Key Disadvantages:
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ch41 - LLCs Limited Liability Company (LLC): A hybrid form...

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