Limited Liability Company (LLC)

This is a hybrid, or combination, with some of the features of a partnership and the limited liability aspect of a corporation. To qualify as an LLC, it can't have at least two of the main components of a corporation: Continuity, centralized management, transferability of ownership. Thus, the two most significant features of an LLC are that it affords the partners some degree of limited liability protection, yet it still acts as a conduit like a regular partnership. This choice in not available in all states, but the majority allow it.

Please contact Topolinski & Associates regarding more information on this topic.