Limited liability company laws are different for every state. Usually, the limited liability company laws are located in the business corporations or business organizations body of law for the particular state. While every state contains different laws relating to limited liability companies, the law is generally similar. In every state, the chief hallmark of the limited liability company is the restriction of the members' liability. Thus, the personal assets of members are not subject to the satisfaction of debts of creditors or other liabilities of the business. In addition, limited liability companies are free to elect certain types of taxation status with the Internal Revenue Service, such as "s corp" status. In the event that a special tax election is made, there may be consequences as to what the limited liability company may or may not do with its structure and organization.