Why is an LLC the most flexible form of business from an operational perspective?

The members of an LLC can contract between themselves to operate the business in almost any way they desire. Also, unlike corporations, there are no corporate formalities that need to be followed, such as issuing stock, holding annual meetings, electing directors and officers, etc. A partnership has similar flexibility. However, in a general partnership, the partners have personal liability for the debts of the partnership. This feature alone makes an LLC preferrable to a partnership in most instances.

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