The LLC combines the limited liability advantage of the corporation with the tax advantages of the partnership.
Some of the terminology used for an LLC differs from the other forms of business ownership.
For example. the shareholders of an LLC are called “members," and instead of owning stock, the members have “interests” The LLC is more flexible than a subchapter S corporation in terms of number of ovimers and tax-related issues.
An LLC must be a private business-it cannot bepublicly traded. If at some point the members want to take the business public and be listed on one of the major stock exchanges, it must be converted to a C corporation.