Limited Liability Companies (LLCs)
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A limited liability company blends certain elements of partnerships and corporations. LLCs are often used to form a business entity, but can be created for any lawful purpose. Each state has its own set of laws and statutes that regulate LLCs chartered in that state. The biggest advantage of an LLC is that a partner or partial owner of the company, known as a member, is only liable for the amount of his or her capital contribution. This means that if the LLC is sued, it is the company that is sued rather than the individual members. LLCs can also offer significant tax benefits. To learn more about the benefits of LLCs and how they are created, visit the links on this page