Series LLCs, a relatively new business structure, may offer options to reduce risks and costs, but the strategy is largely unproven.

If your business needs change, you can convert from an LLC (limited liability company to a corporation or any other type of entity. The reverse also applies: you can convert another type of business to an LLC.

Absent an operating agreement adopted by its members, the LLC is governed by the default provisions provided in the law of its formation state. Not only can these provisions conflict with the members' desires, they can change which exposes the LLC to rules never envisioned when it was formed.

Learn the answers to frequently asked questions about forming and operating a limited liability company (LLC).

A limited liability company (LLC) provides the flexibility of a partnership with the liability protection of a corporation. The LLC's owners can determine the management and financial structure to meet their needs, while keeping their personal assets beyond the reach of the company's creditors.