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  Limited Liability Company (LLC) General Corporation
Formation State filing required State filing required
Liability Typically, members are not personally liable for the debts of the LLC Typically, shareholders are not personally liable for the debts of the corporation
Raising capital Potential to sell interests, contingent upon operating agreement restrictions Shares of stock are usually sold to raise capital
Taxation Not taxed at entity level if properly structured. Profit/loss passed through directly to the members Taxed at the entity level and shareholders receiving dividends are taxed at the individual level
Formalities Less formal meetings and minutes are required; state reporting required Board of directors, formal meetings, minutes and annual state reports required
Management Members have an operating agreement that outlines management responsibilities Shareholders elect board of directors to appoint officers for day-to-day management
Existence Perpetual unless otherwise specified Perpetual unless otherwise specified
Transferability Contingent upon operating agreement restrictions Shares of stock are easily transferred

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