California has become the forty-sixth state to enact legislation enabling creation of limited liability companies (“LLC’s”). A new star has been added to California’s firmament of business entities and business lawyers are excited about it. Advantages Briefly, an LLC is an entity designed to combine the best features of corporations and partnerships. It has the
The purpose of this article is to provide information regarding the basic elements of operating a California limited liability company (“LLC”) and the roles of the following: (a) the owners of the LLC, called “members”; (b) the “managers” of the LLC which may be elected by the members to operate the LLC business; and (c)