Who are the owners?
Members typically manage, unless they elect to operate the business by managers
How many members?
All states allow one person LLC formation
Default Tax status?
A single member llc will be treated as a sole-proprietorship, a multiple member like a partnership
Are you able to change the tax status?
An LLC may change its tax status from an LLC a partnership or a corporation
How are business profits taxed?
Pass-Through tax status where income is passed on to the members. At the individual tax rates of members