Can an LLC have Two (2) Owners?
An LLC with two or more members is called a Multi-Member LLC. This type of LLC is often formed because of its liability protection.
Businesses with multiple owners, family-owned businesses, married couples, and friends going into business together often select this type of business entity.
Like a single member LLC, a multi-member LLC offers liability protection to the owners.
This means that if your business acquires debt that it cannot repay, goes bankrupt, or gets sued, creditors can only go after the business’s assets.
The personal assets of the LLC members are protect, unless they signed a personal guarantee.
LLCs also do not pay corporate tax, they are taxed as pass-through entities which means owners pay taxes through an individual income tax code rather than a corporate tax code.