What Is a Limited Liability Company (LLC)?
A limited liability company, like a corporation, is a legal entity existing separately from its owners. In New Jersey, a limited liability company is created when Certificate of Formation is filed with the Department of Treasury. A limited liability company is not a partnership or a corporation, but it combines the corporate advantages of limited liability with the partnership advantage of pass-through taxation. • What Is The Organizational Structure of an LLC? Unlike a corporation, and LLC gives its members flexibility in organizing the Company. One of the virtues of a limited liability company is the ability to structure the limited liability company however its members want it to be structured. Generally, a limited liability company is owned by its members, who may directly manage the limited liability company, or who may appoint managers to directly manage the limited liability company for them. The members may also apportion duties amongst themselves as they see fit, and may even
What Is a Limited Liability Company (LLC)?