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