Limited Liability Company
- Creation and Organizational Documents: Created by filing Articles of Organization in compliance with the North Carolina Limited Liability Company Act.
- Management: Limited Liability Companies are managed by their managers.
- Limited Liability Characteristics: The liability of members is limited to their capital contributions.
- Tax Characteristics: A Limited Liability Company is NOT taxed on its income. Otherwise, Members are taxed on the income of the LLC unless they elect to be taxed as a corporation.
- Termination: May dissolve upon the death or withdrawal of a member and under other circumstances as determined by the Articles of Organization or Written Agreement.