The Act provides for the formation of limited liability companies. These hybrid companies enjoy the tax benefits of partnerships and the limited liability advantages of corporations. The Act further regulates various aspects of limited liability companies, such as their formation, management, finance, admission and withdrawal of members, dissolution, merger, derivative actions, dissenter's rights, and the registration of foreign limited liability companies.
Georgia State University Law Review,
CORPORATIONS, PARTNERSHIPS, AND ASSOCIATIONS Limited Liability Company Act: Provide for the Formation of Limited Liability Companies,
Ga. St. U. L. Rev.
Available at: https://readingroom.law.gsu.edu/gsulr/vol10/iss1/40