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Comparison of LLC with Other Forms of Business

Liability Limited liability for members even if participate in management.Limited Liability for shareholders even if participate in managementLimited Liability for shareholders even if participate in managementNo Limited Liability; all Partners jointly & severally liable for all debts of business.Limited Liability for limited partners who do not participate in management of business.
Management By all members unless manager(s) appointedBy Board of DirectorsBy Board of DirectorsBy all PartnersBy General Partner
Number of Members No Maximum; requires at least two membersNo Maximum35 Maximum; only individuals; no corporations or trustsNo Maximum; requires at least twoNo Maximum; requires at least two
Transferability of interests Restricted; requires consent of at least majority of other membersNo restrictionsNo restrictionsRestricted unless authorized by partnership agreementRestricted unless authorized by partnership agreement
Different Classes of Interests PermittedPermittedOnly One Class of Stock permittedPermittedPermitted
Federal Income Tax None at LLC level34% on corp. plus tax on all distributions to ShareholdersNo Corporate level taxNone on PartnershipNone on Partnership
State Income Tax None at LLC level4.8% on CorporationNo Corporate level taxNone at Partnership levelNone at Partnership level
Franchise Tax None1/10 of 1% of Paid-in-Capitol1/10 of 1% of Paid-in-CapitolNoneNone
Filing Fees $500 to organize$100$100No filing fees required$75