A limited liability company is a business structure organized under an enabling statute that offers both limited liability for participants and "pass through" treatment for tax purposes. For both federal and state tax purposes, limited liability companies may elect to be taxed either as partnerships or as corporations. A limited liability company may be managed by its owners (member-managed) or may be managed by a manager (manager-managed), who may be a member or a nonowner. A limited liability company is formed by the filing of a certificate of organization with the Secretary of State. Although a written operating agreement governing the affairs of the limited liability company is not required, in most instances matters relating to control and economics should be incorporated into an operating agreement, for which the enabling statute authorizes great flexibility.

DOMESTIC ASSET PROTECTION
[Corporations] [Limited Partnerships] [Limited Liability Companies]

OFFSHORE ASSET PROTECTION
[Foreign Corporations] [Foreign Trusts] [Offshore Bank Accounts]