Features of an LLC
- This type of entity is a form of business ownership that has several attributes of corporation and partnership structures.
- An LLC is neither a corporation nor a partnership.
- An LLC may be called a limited liability corporation, but the correct accepted terminology is Limited Liability Company.
- The LLC’s owners are generally referred to as members not partners or shareholders.
- The number of members of an LLC is unlimited and may be individuals, corporations, or other LLC.
