aa938750_s_PLLC__San_Antonio_and_Austin__4
[0] Limited Liability Company [1] State filing required; most states do not require more than one owner. Owners are called members [2] Most states allow perpetual duration. [3] Members not typically personally liable for the debts of the LLC, beyond the amount they invest in the LLC. [5] Members have an operating agreement (called regulations in Texas) that outlines management [6] Members can elect to be taxed either as a partnership or a corporation. [7] Yes or No, depending on the election made by the members. [8] Yes or No, depending on the election made by the members. [9] State filing fee required [10] Possible to sell interests, though subject to operating agreement restrictions [11] Possibly, depending on restrictions outlined in the operating agreement [4] 
Some formal requirements but less formal than corporations.
Comparison of Business Entitites | Lamar & Associates PLLC, San Antonio and Austin
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