• Limited Liability Companies: These are similar to a corporation and are often a more flexible form of ownership, especially suitable for smaller companies with a limited number of owners. Unlike a regular corporation, however, a limited liability company with one member may be treated as a disregarded entity, so the member is often singled-out as a person performing the actions of the LLC. A limited liability company with multiple members is typically treated as a partnership for tax purposes, thereby avoiding “double taxation.” An LLC can elect to be either “member managed” or “manager managed.” LLCs are organized with a document called the “articles of organization”, additionally, it is common to have an “operating agreement” privately created by the members. The “operating agreement” is similar in many respects to a partnership agreement.