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| Limited Liability Company (LLC) in Delaware, USA | General Corporation | |
|---|---|---|
| Formation | State filing required | State filing required |
| Liability | Typically, members are not personally liable for the debts of the LLC | Typically, shareholders are not personally liable for the debts of the corporation |
| Raising capital | Potential to sell interests, contingent upon operating agreement restrictions | Shares of stock are usually sold to raise capital |
| Taxation | Not taxed at entity level if properly structured. Profit/loss passed through directly to the members | Taxed at the entity level and shareholders receiving dividends are taxed at the individual level |
| Formalities | Less formal meetings and minutes are required; state reporting required | Board of directors, formal meetings, minutes and annual state reports required |
| Management | Members have an operating agreement that outlines management responsibilities | Shareholders elect board of directors to appoint officers for day-to-day management |
| Existence | Perpetual unless otherwise specified | Perpetual unless otherwise specified |
| Transferability | Contingent upon operating agreement restrictions | Shares of stock are easily transferred |
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