Which of the following is NOT an advantage of an LLC?

The correct choice reflects that "Unlimited personal liability for members" is not an advantage of an LLC. In fact, one of the key benefits of forming a Limited Liability Company (LLC) is that it generally provides its owners, known as members, with limited liability protection. This means that members are typically not personally liable for the debts and obligations of the LLC, protecting their personal assets from being used to satisfy business debts or lawsuits.

In contrast, the other options highlight legitimate advantages of LLCs. For instance, there is no requirement for public disclosure of financial statements in most cases, which allows for greater privacy compared to corporations. Limited documentation requirements make it easier to start and maintain an LLC, as there are fewer formalities involved than with a corporation. Additionally, LLCs usually do not require advance IRS filings, simplifying the tax reporting process for most entities. Therefore, the option about unlimited personal liability stands out as not only incorrect but fundamentally opposite to what an LLC is designed to provide.