Can Llcs Have Directors?

An LLC allows flexible ownership and management.
Most new owners choose LLCs to benefit from disregarded entity tax status rather than corporations.
The main LLC advantage is limited liability protection for personal assets from debts and lawsuits.

LLCs allow flexibility in management structure.
Many are member-managed – owners handle day-to-day operations.
Most single member LLCs are disregarded entities, taxed like sole proprietorships.
Income and expenses are reported on the member’s individual return.
This avoids double taxation of C Corporations and simplifies filing.
The operating agreement outlines everything.
LLCs shield personal assets from legal judgments against the business.
If sued, personal assets are protected.
Owners, called members, share profits and losses.
An LLC can have one or multiple members.
Single member LLC taxes are simpler than multiple manager LLCs.