Types of LLC’s
Domestic LLC: If your LLC is formed and operating within your state, this is a domestic LLC. Your state has the authority to govern your LLC if formed within their jurisdiction.
Foreign LLC: This does not mean that the LLC was formed internationally and operating in the U.S. A foreign LLC is operating in a different state than the LLC was formed in. For example, you might have formed your LLC in Texas, but you’re operating your LLC in Georgia.
Member-Managed LLC: This type of LLC is where all owners (members) are operating the business themselves, equally. This is the most common type of LLC.
Manager-Managed LLC: If some of your business partners want to remain passive in running the business, then this type of structure is a manager-managed LLC. Either members or nonmembers can be delegated as a manager.
Single-Member LLC: Simply put, this is an LLC with only one member.
Multiple-Member LLC: Simply put, this is an LLC with multiple members. A multi-member LLC must be more careful in spelling out carefully with the LLC Operating Agreement the rights of each member in case the LLC folds or there is a death or disagreement.
Series LLC: A Series LLC is a unique for of an LLC that acts as a master LLC or umbrella over a series of separate legal entities. This can be a series of members, assets, managers or interests. The series LLC started in Delaware and is now an option in only eight states: Delaware, Illinois, Iowa, Nevada, Oklahoma, Tennessee, Texas and Utah.
Restricted LLCs: Restricted LLC’s are a type of LLC available in Nevada only that were launched in 2009. These types of LLC’s choose to be restricted within their Articles of Organization and therefore cannot make certain business distributions among members until 10 years after forming their LLC.
L3C: An L3C company is a for-profit company with a stated philanthropic social purpose. This type of LLC is a hybrid business structure that uses the legal and tax flexibility of an LLC, the social benefits of a nonprofit organization, and the branding and market positioning advantages of a social enterprise.
Anonymous LLC: An anonymous LLC is where the ownership details of the LLC is not made public by the state the LLC is registered. New Mexico is one of the only states that allows for truly anonymous LLC’s.
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