Limited Liability Company - Explained

The video tutorial explains the concept of a Limited Liability Company (LLC), highlighting its benefits for small to mid-sized businesses, such as ease of formation and limited liability protection. It covers the creation process, continuity issues, ownership and control structures, personal liability protection, and compensation and taxation aspects. The tutorial emphasizes the importance of understanding whether an LLC is member-managed or manager-managed, as this affects control and liability.

What is the primary distinction between a limited liability company (LLC) and a corporation?

Describe the process of creating a limited liability company.

What happens to the continuity of an LLC when a member leaves?

Explain the difference between member-managed and manager-managed LLCs.

How does personal liability protection work for members of an LLC?

Why might someone choose to form an LLC instead of a corporation?

What are the tax implications for members of a member-managed LLC?