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On the other hand, income from corporations is taxed twice: once at the corporate entity level and again when distributed to shareholders.

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For a general discussion of entities with limited liability, see Private limited company.

A limited liability company (LLC) is the US-specific form of a private limited company.

As long as the LLC remains within the confines of state law, the operating agreement is responsible for the flexibility the members of the LLC have in deciding how their LLC will be governed.

State statutes typically provide automatic or "default" rules for how an LLC will be governed unless the operating agreement provides otherwise, as permitted by statute in the state where the LLC was organized.

After electing corporate tax status, an LLC may further elect to be treated as a regular C corporation (taxation of the entity's income prior to any dividends or distributions to the members and then taxation of the dividends or distributions once received as income by the members) or as an S corporation (entity level income and loss passes through to the members).

Some commentators have recommended an LLC taxed as a S-corporation as the best possible small business structure.It combines the simplicity and flexibility of an LLC with the tax benefits of an S-corporation (self-employment tax savings).Although there is no statutory requirement for an operating agreement in most jurisdictions, members of a multiple member LLC who operate without one may encounter problems.An LLC is a type of unincorporated association distinct from a corporation.The primary characteristic an LLC shares with a corporation is limited liability, and the primary characteristic it shares with a partnership is the availability of pass-through income taxation.The form did not become immediately popular, in part because of uncertainties in tax treatment by the Internal Revenue Service.