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BRS LANDSCAPiNG SERVICE LLC
distinct from a corporation. The primary characteristic an LLC shares with a corporation is unincorporated association (depending on how many owners there are). An LLC is a type of sole proprietorship or partnership and a corporation having certain characteristics of both a legal entityA limited liability company (LLC) is a hybrid limited liability, and the primary characteristic it shares with a partnership is the availability of pass-through income taxation.[6] It is often more flexible than a corporation, and it is well-suited for companies with a single owner.[7]
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".[8] 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). Similarly, when issued in physical rather than electronic form, a document evidencing ownership rights in an LLC is called a "membership certificate" rather than a "stock certificate".[9]
A limited liability company (LLC) is a hybrid legal entity having certain characteristics of both a corporation and a partnership or sole proprietorship (depending on how many owners there are). An LLC is a type of unincorporated association distinct from a corporation. The primary characteristic an LLC shares with a corporation is limited liability, and the primary characteristic it shares with a partnership is the availability of pass-through income taxation.[6] It is often more flexible than a corporation, and it is well-suited for companies with a single owner.[7]
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".[8] 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). Similarly, when issued in physical rather than electronic form, a document evidencing ownership rights in an LLC is called a "membership certificate" rather than a "stock certificate".[9]
