Posted by John B. Corey Jr. on September 16, 2005 at 22:07:19:
Technically there are a few variations with an LLC.
You can set up a single member as you mentioned.
You can set up an LLC with multiple members. It has the option of having the taxes pass through as in a partnership or be more like a traditional corporation.
If you go the single member route you can set up the LLC so that if there was ever to be a second member the default is a pass through. You define in advance that if a second member happens later the tax treatment is already specified.
So, there is only one LLC legal definition but there are variations as to how you deal with the possible alternatives for taxes (and some other minor issues about company meetings, etc).
Chelsea Private Equity LLC