jaeparts.blogg.se - Setting up llc

A LLC is subject, however, to disclosure, record keeping and reporting requirements that do not apply to a general partnership. It also differs from a limited partnership in that no member is jointly and severally liable for obligations of the LLC, unlike the general partner in a limited partnership. A LLC differs from a general partnership inasmuch as its members are not personally liable for the obligations of the LLC.

The members of a LLC may also participate in management to a greater extent than limited partners.

The restrictions on the number and types of shareholders applicable to a subchapter S corporation do not apply to the owners of a LLC (the "members").

The LLC is not required to hold annual meetings or to comply with the many operational restrictions imposed upon corporations.