An LLC is a hybrid between a corporation and a partnership in which the owners, called members, have the same limited liability of shareholders in a corp and also the benefits of partnership of tax benefits. To be formed, the members need to filing an articles of organization and may adapt an operating agreement.
Owners and members may control but also may delegate control to a team of managers. A full membership interest may not be transferred without unanimous consent of all members.
The articles of organization of the operating agreement must indicate some even that will dissolve the LLC. Thus, LLCs are companies of limited liability, limited liquidity, limited life, and limited tax.