Traditional LLC (Limited Liability Company)

Just a regular LLC without special statutory designations (e.g. no series or public benefit designation in its Certificate of Formation). It has one bucket of assets available to any creditor of the company without separating internal compartments. In order to create separation, multiple traditional LLCs would need to be formed. It is a separate legal person from its owners. Accordingly, it has one or more members whose right to own, control, and manage are determined by a private Operating Agreement. This is a popular form of business structure because of the minimal formalities, simplicity for unsophisticated parties, drafting flexibility, and liability protection.