Ever since Pennsylvania passed the Limited Liability Company Law of 1994, the limited liability company (LLC) has become the business structure of choice for most family-owned and closely held businesses in Pennsylvania.
LLCs are attractive because they are a hybrid business structure that offers many of the best features of other business structures. Like a corporation, LLCs offer owners (known as members) protection from individual liability. Unlike a corporation, however, LLCs don’t have to follow the overly formal regulations governing corporations, which gives the LLC owners the freedom to operate more like a sole proprietorship. Furthermore, the LLC can choose to be taxed as a partnership or corporation, depending on which scenario is most advantageous.
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