Limited Liabilty Company

Limited Liabilty Company

What Is It?

A limited liability company ("LLC") is currently one of the most popular business entities in the United States. A Delaware LLC may be formed to carry on any lawful business, whether or not for profit, with the exception of the business of issuing policies of insurance, assuming insurance risks, or banking. It combines some of the best features of corporations and partnerships. Like a corporation, it has separate legal existence, apart from its members, and can conduct business in its own name. The rights, duties and obligations of LLC members are governed by a limited liability company agreement ("LLC agreement" or "operating agreement").

If you need help with drafting a Delaware LLC agreement, Delaware Corporate Services Inc. (DCS) can refer you to an attorney familiar with Delaware law.

The information contained on this web site is for general information purposes only, is not intended as legal advice and may not apply to your particular situation. If you require legal advice regarding a Delaware entity we will be happy to refer you to an attorney familiar with Delaware law.

We recommend that you consult your attorney or accountant if you have specific goals or hope to achieve specific tax results.

Read about the Management structure of a LLC