Advantages

• The main advantage to participants of an LLC is that in case of insolvency, the participants are not personally liable. This also holds true in case of a lawsuit--the LLC is liable, but not the individual.
  
  

Why An LLC

• An LLC is very similar in formation to a corporation. However, the paperwork to maintaining an LLC is much less involved than that of a corporation.
  
  

LLC vs. Partnership

• In comparison to a partnership, an LLC again comes out the winner. You get the tax advantages of a partnership, but your liability is limited as in a corporation.
  
  

Ownership

• The LLC is not limited in the number of people who can take part in the ownership. Also, all owners can be active in the day-to-day operation.
  
  

Taxation

• The main positive point of an LLC is that profit gained by the business is taxed just one time. The LLC provides that business owners are not liable to pay both personal and business taxes.