The owners of an LLC are referred to as members, meaning that the members are in charge of the LLC.They make all the decisions regarding the LLCs business. The individuals, corporations, or other LLCs that make up an LLC can either manage the LLC themselves or appoint a manager to do so. If the members opt for the former, the LLC will function similarly to a corporation, with the managers making decisions about the business. If the members appoint a manager, that manager will be in charge of LLC operations.
An LLC is not taxed on its income; the members of the LLC are taxed on their share of the LLCs income. An LLC can choose how it will be taxed for federal tax purposes- either as a corporation, partnership, or sole proprietorship. Having a formal operating agreement is not required, but it is recommended. An operating agreement lays out the LLCs rules and regulations and the members rights and responsibilities.

The fact is that an LLC can be dissolved by its members at any time. Furthermore, a court can involuntarily dissolve an LLC if it does not meet specific legal requirements, such as paying taxes or filing annual reports.