The of a limited liability company establishes the company's method of management, allocation of profits and losses among members, restrictions on the transfer of membership interests, and the process to be followed in dissolving the company.

Operating agreement.

Explanation:

A limited liability company (LLC) is a type of legal hybrid-business structure that can combine both partnership and corporation form of business, and the owners are only responsible for its debts with respect to the amount of capital they have invested. The first formal LLC statute was enacted by Wyoming in 1977 based on the Panamanian LLC and the 1982 German Code.

The operating agreement of a limited liability company establishes the company's method of management, allocation of profits and losses among members, member's rights and responsibilities, restrictions on the transfer of membership interests, voting power, and the process to be followed in dissolving the company.

Examples of some limited liability companies are Blockbuster LLC, Chrysler Group LLC, Dougherty & Company LLC, Westinghouse Electric Company LLC etc.

The advantages of a LLC is that it provides it's owners with limited liability, such as business debts. Also, LLC isn't taxed directly by the internal revenue service (IRS) because it isn't regarded as a separate tax business entity.

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