Business Law
Limited Liability Company (LLC)
Limited Liability Company Quick Facts
- A Limited Liability Company can open a bank account and buy property
- LLC's have a flexible business structure
- LLC's protect your personal assets
- An LLC is treated as a living person by law
- LLC's are good for businesses with less than 35 owners
LLC Structure
An LLC must be managed by at least one member. Members of an LLC are the owners. You can form an LLC with just one member.
An LLC can be either Member-Managed or Manager-Managed. A Member-Managed LLC is a popular choice. An LLC is Manager-Managed when its owners select one or more members to manage the company. Most of the time, all members manage the LLC.