An LLC can be organized for any legal purpose except banking and insurance. An LLC can have unlimited members, and members can be individuals, other partnerships, corporations, trusts, and charitable entities. Managers can be members or professional managers. In this age of frivolous law suits, limited liability should catch every-one's eye. This gives you the shield of the corporation and the personal benefits of a partnership.
Members can also be subject to personal liability in the same way a corporate veil can be pierced.
The LLC act establishes internal organizational features intended to preclude free transferability of interest, continuity of life, and centralized management, in order to cause the LLC to meet the IRS tax test of a partnership. Otherwise, you get taxed by the Internal Revenue Service as a corporation. LLCs are generally promising for the acquisition, holding and development of real estate due to the significant prospect of premises liability and environmental liabilities. Case law is still not fully developed on the environmental issues of limited liability, but limited liability is desirable with respect to the complex web of contractual undertakings which frequently attend real estate. An LLC has advantages over an S Corporation in passing through tax losses.