LLC; Limited Liability Company Forms

Definition: (noun)

A legally recognized business entity combining the limited liability advantages of a corporation with the ease of operation of a partnership. LLCs have rights and powers similar to a natural person – they can own real and personal property, operate as a business, borrow money, etc.  Effectively, LLCs are hybrids of corporations and partnerships.

Use: LLCs are formed by one or more individuals to operate as a business, association or club for tax or limited liability reasons. They have rights and powers similar to a natural person. Free of many of the administrative burdens of corporations, LLCs are easier to manage, best suited for smaller businesses with a limited number of investors.

The document which forms an LLC is called the Articles of Organization. A companion document establishing rules for governing the LLC, is called the Operating Agreement. LLCs are formed, owned and operated by Members. Some members may be managers, others not.

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Notes: LLCs are formed under state law. You can use Legal.com’s Legal Research tool for more information about how to form an LLC in your state. For example, search “[name of state, province or country] form LLC”

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