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As long as the LLC remains within the confines of state law, the operating agreement is responsible for the flexibility the members of the LLC have in deciding how their LLC will be governed.State statutes typically provide automatic or "default" rules for how an LLC will be governed unless the operating agreement provides otherwise, as permitted by statute in the state where the LLC was organized.For a general discussion of entities with limited liability, see Private limited company.A limited liability company (LLC) is the US-specific form of a private limited company.Although LLCs and corporations both possess some analogous features, the basic terminology commonly associated with each type of legal entity, at least within the United States, is sometimes different.When an LLC is formed, it is said to be "organized,” not "incorporated" or "chartered,” and its founding document is likewise known as its "articles of organization," instead of its "articles of incorporation" or its "corporate charter.” Internal operations of an LLC are further governed by its "operating agreement," rather than its "bylaws." The owner of beneficial rights in an LLC is known as a "member," rather than a "shareholder.” Additionally, ownership in an LLC is represented by a "membership interest" or an "LLC interest" (sometimes measured in "membership units" or just "units" and at other times simply stated only as percentages), rather than represented by "shares of stock" or just "shares" (with ownership measured by the number of shares held by each shareholder).The default tax status for LLCs with multiple members is as a partnership, which is required to report income and loss on IRS Form 1065.
The written LLC operating agreement should be signed by all of its members.It is a business structure that can combine the pass-through taxation of a partnership or sole proprietorship with the limited liability of a corporation.An LLC is not a corporation under state law; it is a legal form of a company that provides limited liability to its owners in many jurisdictions.Like a corporation, LLC's are required to register in the states they are "conducting (or transacting) business".Each state has different standards and rules defining what "transacting business" means, and as a consequence, navigating what is required can be quite confusing for small business owners.
On the other hand, income from corporations is taxed twice: once at the corporate entity level and again when distributed to shareholders.