Limited Liability Company (LLC)

This is a business structure which became available January 1, 1993. It can function like a partnership, or sole proprietorship, where partners/sole proprietors are not liable for its debts and obligations. With a special election a Limited Liability Company can function as a Corporation.


  • Choice of Taxation Method
  • Centralized Management Structure — Board of Governors
  • Limited Legal Liability


  • Lack of Continuity — unless a continuity agreement is put in place
  • Public Filing Necessary
  • Annual Registration — must be filed with Secretary of State

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