LLC: A limited liability company in the law of many of the United States is a legal form of business company offering limited liability to its owners. it is similar to a corporation and is often a more flexible form of ownership, especially suitable for smaller companies with a limited number of owners. Unlike a regular corporation, a limited liability company with one member may be treated as a disregarded entity, so the member is often singled-out as a person performing the actions of the LLC.
The Advantages Of the LLC:
1> No requirement of an annual general meeting for shareholders.
2> No loss of power to a board of directors.
3> Much less administrative paperwork and recordkeeping than a corporation.
4> Pass-through taxation (i.e., no double taxation), unless the LLC elects to be taxed as a corporation.
5> Using default tax classification, profits are taxed personally at the member level, not at the LLC level.
6> LLCs in some states can be set up with just one natural person involved.
DisAdvantages:
1> Although there is no statutory requirement for an operating agreement in most states, members who operate without one may run into problems.
2> Some people, such as new business people, may not be familiar with the governance of LLCs. Unlike corporations, they are not required to have a board of directors or officers.
3> The principals of LLCs use many different titles -- e.g., member, manager, managing member, managing director, chief executive officer, president, and partner. As such, it can be difficult to determine who actually has the authority to enter into a contract on the LLC's behalf.
 

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