RealTown Words

Limited Liability Company

An alternative, hybrid business entity with the combined characteristics and benefits of both limited partnerships and S corporations. Unlike a corporation, however, an LLC does not have perpetual existence. The principal governing document of an LLC is its operating agreement, which is similar to a corporation’s bylaws.

This "Word of the day" is excerpted from The Language of Real Estate, 6th Edition by John Reilly (published by Dearborn Real Estate Education, 2006 copyright). To purchase the complete book, with over 2800 key terms and definitions, or to browse through Dearborn's hundreds of other professional real estate titles, including Real Estate Technology Guide by Klein, Barnett, Reilly, click here.