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A limited liability company (LLC) is the United States-specific form of a private limited company. It is a business structure that can combine the pass-through taxation of a partnership or sole proprietorship with the limited liability of a corporation. [1]
Limited liability is a legal status in which a person's financial liability is limited to a fixed sum, most commonly the value of a person's investment in a corporation, company, or joint venture. If a company that provides limited liability to its investors is sued, then the claimants are generally entitled to collect only against the assets ...
Otherwise, most corporations adopt limited liability so that generally shareholders cannot be sued for a corporation's commercial debts. If a corporation goes bankrupt, and is unable to pay debts to commercial creditors as they fall due, then in some circumstances state courts allow the so-called "veil of incorporation" to be pierced, and so to ...
“An LLC combines the principles of a partnership with the liability and protection of a corporation,” says Paul Ouweneel, partner, valuation, forensic and litigation services, Wipfli, a ...
Public Limited Company: Liability, limited by shares; Name, cannot be deceptively similar to another registered company; Management, at least 3 directors; Shareholders, minimum 7, no maximum, share subscription by public pursuant to a prospectus that complies with Companies Act of 2007 and Securities Act; a Private Limited Company can convert ...
Limited liability was a matter of state law, and in Delaware up until 1967, it was left to the certificate of incorporation to stipulate “whether the private property of the stockholders... shall be subject to the payment of corporate debts, and if so, to what extent.” In California, limited liability was recognised as late as 1931.
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