A relatively new creation of the law is the Limited Liability Company (“LLC”). Formed by filing Articles of Organization with the Secretary of State, the LLC is usually governed by Regulations or an Operating Agreement rather than bylaws. Ownership interest in the LLC is represented by documents reflecting the ownership of “Units” (essentially the same as shares) in the business. The LLC offers the same type of legal protection from business obligations that the corporation does but offers a choice in the manner in which the business is taxed. Most owners of an LLC elect to have the business taxed in the same manner as a partnership or “S” Corporation, by having the funds “pass through” to the individual owners.