A limited liability company (LLC) is a company that offers corporate liability protection, but usually operates
and is taxed as either a sole proprietorship or a partnership.
- Owners of a LLC are referred to as members, and
- The people who operate the LLC are called managers.
LLCs are either member managed or manager(s) managed.
- A member managed LLC is one that is managed by all the members of the LLC, whereas
- A Manager managed LLC is operated by one or more managers that may or may not be members.