Question

What are the main features of a limited liability companies?

Answer 1

Limited Liability Company is the U.S. term wherein the members of the corporate structure are not personally liable for the debts and obligations. It may or may not be an incorporated association. One needs to file the “Articles of Organizations” within his state. It is the combination of both the features of sole proprietorship or partnership and corporation. It has a feature of limited liability of a corporation and the flexible tax structure of partnership or sole proprietorship. The owners of the beneficial rights are called “members” rather in normal terms “shareholders”