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