Members are analogous to partners in a partnership or shareholders in a corporation, depending on how the LLC is structured. If the LLC does not utilize managers, then the members will more closely resemble partners, because they will have a direct say in the decision-making of the company. Members are not held personally responsible for the debts and liabilities of the company. Flexibility in structuring the management of the company. The LLC does not require as much annual paperwork and have as many formalities as corporations and S Corporations.
Ownership is harder to transfer than with a corporation.
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