The Legal Implications Of Limited Liability CompaniesWhich corporate entity to select has been a major issue to consider prior to beginning the business. A "limited liability company" (LLC) is yet another alternative to the corporate structure and allows the taxation policy to resemble a partnership but has the qualities of the corporation as well. The LLC is able to resemble and resolve the benefits and disadvantages of a partnership and a corporation
The following questions have been addressed in this article:How is a LLC similar to a S-corporation?
If corporate formalities are not performed, will the LLC be pierced to find individual liability?
How is an LLC dissolved?
Are there any agreements that should be drafted prior to the formation of the LLC?