What Is A Limited Liability Company?
          
          
               The limited liability company (also called the
          LLC) is a form of business entity just now becoming
          popular in the U.S., although it's been available in
          Germany, France, and many other countries for decades. 
          Until its recent acceptance by a number of U.S. states,
          the business executive had three common choices when
          forming a business: the sole proprietorship, the
          corporation, or the partnership.
               The LLC is a hybrid between the partnership and
          the corporation.  It has all the flexibility of a
          partnership to define its own management structure,
          rules of procedure, voting rights, distribution of
          profits and a myriad of other details.  The structure
          is created by a contract among all the parties.  At the
          same time, if structured properly all the members and
          the management will enjoy limited liability typical of
          a corporation.
               It is generally assumed that the combination of
          these two elements will be the reason most LLCs are
          formed, although there is a great deal of latitude with
          regard to the structure.
               It offers many advantages over the Subchapter S
          corporation, which has been the traditional method of
          combining corporate liability protection with
          partnership-type taxation.