Limited Liability Company
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Description member managed company
A Limited Liability Company (LLC) is a separate legal entity that can conduct business just like a corporation with many of the advantages of a partnership. It is taxed as a partnership. Its owners are called members and receive income from the LLC just as a partner would. There is no tax on the LLC entity itself. The members are not personally liable for the debts and obligations of the entity like partners would be. Basically, an LLC combines the tax advantages of a partnership with the limited liability feature of a corporation.
Management of an LLC is vested in its members. An operating agreement is executed by the members and operates much the same way a partnership agreement operates. Members may delegate authority to managers who run the LLC much the same way officers of a corporation would run a corporation. Profits and losses are shared according to the terms of the operating agreement.
- View Sample LLC Operating Agreement
- View Amended and Restated Operating Agreement - Increasing One Member's Ownership Interest
- View Sample Limited Liability Company LLC Operating Agreement with company assets divided into ownership shares
- View Sample Limited Liability Company LLC Operating Agreement with Capital Contributions determining interest shares
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