LLC members can protect their personal assets from the company’s debts, just as the owners of a corporation do. In an LLC, member liability is limited to capital contribution. To form a Limited Liability Corporation, a certificate of formation must be filed with the Secretary of State. In addition, an LLC requires internal governing documents, including a company agreement. The owners of an LLC are called members, which are similar in capacity to corporate shareholders and limited partners. An LLC can be managed by managers (“manager-managed”) or members (“member-managed”). The management structure must be reported on the certificate of formation filed with the state.