An LLC or limited liability company shares features of corporations and partnerships, including powers and recordkeeping duties. An LLC is treated as a corporation for limited liability purposes but as a general partnership for tax purposes. The owners are called "members." LLC formation requires the members to file a certificate of formation or a similar incorporate llc certificate with Secretary of State where the LLC will operate. An operating agreement governs the LLC's affairs. Access more information here in the LLC limited liability company law practice center.
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