Reporting to all levels of the company may be a monthly requirement, as may reporting to government agencies for taxes and other required information. Limited Liability Company: A limited liability company or LLC combines some attributes from partnerships, C corporations, and S corporations. Some advantages are that an LLC has tax benefits and the members (owners) are not personally liable for debts. One disadvantage is that if a member dies or retires, the corporation is required to comply with state laws on how the corporation will move forward. • Liability: A member's liability extends only to the amount of his contribution to the enterprise. They are not personally responsible for the company. • Income Taxes: The individual member pays taxes on his or her share of the LLC's income. • Longevity or continuity of organization: If a member dies or retires, an LLC can be brought to dissolution. Under state law, some states may allow the LLC to continue if the other members agree. • Control: Members jointly manage the company. • Profit Retention: Members share the profit