The possible management structures and key terms of any operating agreement that must be considered to form an LLC are related to responsibility sharing, as an LLC is a type of entity owned by its partners.
Some features of the LLC are:
- Less formality.
- Tax savings.
- Flexible management.
- Simple organizational structure.
Therefore, the LLC is a single hybrid entity, more streamlined than a corporation, with the advantage that this proprietorship has limited liability protection.
Management is also more flexible, with decision-making being possible to be shared among its members, regardless of hierarchy.
It is also important to highlight the taxes, as in an LLC the taxation is simpler, with the losses and gains being reported in the tax returns, which helps to offset the income.
So this is a more streamlined and protected form of partnership that can be managed by a group of members more securely than a corporation.
It has less formal requirements to exist, and in case of bankruptcy or debt, there is greater protection for each member's personal property, as in an LLC the debts and obligations cannot be greater than the initial capital invested in the company.
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