The Limited Liability Company may be treated as a partnership for U.S. income tax purposes and also provides the limited liability of a corporation. This option may be the preferred choice for certain new operations and joint ventures. Owners of Limited Liability Companies are called "members." These are comparable to stockholders in a corporation or limited partners in a limited partnership. If the limited liability company has two or more members, the members may wish to execute an operating agreement, which defines the relationship between the company and its members.