Limited Liability Companies and Special Business Forms
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| limited liability company (LLC) | A hybrid form of business enterprise that offers the limited liability of a corporation and the tax advantages of a partnership.
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| member | A person who has an ownership interest in a limited liability company.
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| articles of organization | The document filed with a designated state official by which a limited liability company is formed.
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| operating agreement | An agreement in which the members of a limited liability company set forth the details of how the business will be managed and operated.
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| joint venture | A joint undertaking for a specific commercial enterprise by two or more persons or business entities; treated like a partnership for federal income tax purposes.
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| syndicate | A group of individuals or firms that join together to finance a project; also called an investment group.
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| joint stock company | A hybrid form of business organization that combines characteristics of a corporation and a partnership; usually regarded as a partnership for tax and other legal purposes.
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| business trust | A form of business organization created by a written trust agreement that resembles a corporation. Legal ownership/management of the trust’s property stay with the trustees and the profits are distributed to the beneficiaries, who have limited liability.
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| cooperative | An association, which may or may not be incorporated, that is organized to provide an economic service to its members. Unincorporated [x] are often treated like partnerships for tax and other legal purposes.
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