2de6c440_anize_Your_Business___Nolo_com__Main_Drawbacks
[Type of Entity] Limited Liability Company [Main Advantages] Owners have limited personal liability for business debts even if they participate in management Profit and loss can be allocated differently than ownership interests IRS rules now allow LLCs to choose between being taxed as partnership or corporation [Main Drawbacks] 
More expensive to create than partnership or sole proprietorship State laws for creating LLCs may not reflect latest federal tax changes
Chart: Ways to Organize Your Business | Nolo.com