Legal assistance is required to set up. Maximum of 75 shareholders. This type of corporation blends the tax advantages of a partnership and the limited liability advantages of a corporation. As you might expect, it also has some limitations but is definitely worth considering. Ask about the LLC when you contact your appropriate state office for incorporation information as suggested earlier in the chapter.
Legal assistance is required to set up.
The paperwork is complex. The LLC dissolves if one of the owners dies or otherwise leaves. However, other formal agreements between the owners can overcome this. Some states require than an LLC have more than one member. It is difficult to give specific advice as to the choice of legal business structure since every situation will be unique.