[REG] Limited Liability Companies

LLC is a hybrid. it has some traits of a corporation and some of a partnership.

- separate legal entity from its owners(members)

- LLC members are not personally liable for the obligations of the business

  * Limited partnership, one or more general partner has unlimited personal liability for partnership debts and obligations

- Tax purpose: 

two or more owners > partnership, unless election to C corp

single memeber > Sole proprietorship

 

 

- LLC- partnership has no gain/loss on the distribution of property