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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 form did not become immediately popular, in part because of uncertainties in tax treatment by the Internal Revenue Service.After an IRS ruling in 1988 that Wyoming LLCs could be taxed as partnerships, other states began enacting LLC statutes. LLCs are subject to fewer regulations than traditional corporations, and thus may allow members to create a more flexible management structure than is possible with other corporate forms.You always have the choice to experience our sites without personalized advertising based on your web browsing activity by visiting the DAA’s Consumer Choice page, the NAI's website, and/or the EU online choices page, from each of your browsers or devices.

For limited liability companies, see Limited company.

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.

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".

However, it is more difficult to pierce the LLC veil because LLCs do not have many formalities to maintain.

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