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The Uniform Limited Liability Company Act (ULLCA), which includes a 2006 revision called the Revised Uniform Limited Liability Company Act, is a uniform act (similar to a model statute), proposed by the National Conference of Commissioners on Uniform State Laws ("NCCUSL") for the governance of limited liability companies (often called LLCs) by U.S. states.
A business entity is an entity that is formed and administered as per corporate law [Note 1] in order to engage in business activities, charitable work, or other activities allowable.
For example, in Delaware LLLP elections take the form of a limited partnership electing to be a limited liability partnership (this is the format used in Delaware, while in Florida, Hawaii and Kentucky the election is made in the certificate of a limited partnership). Not all states presently allow business entities to form as LLLPs. [2]
A low-profit limited liability company (L3C) is a legal form of business entity in the United States. [1] Commonly referred to as a hybrid structure, it has characteristics of both for-profit and non-profit entities. [ 1 ]
There are a number of legal benefits that come with incorporation. One significant legal benefit is the protection of personal assets against the claims of creditors and lawsuits. Sole proprietors and general partners in a partnership are personally and jointly responsible for all the legal liability (LL) of a business such as loans, accounts payable, and legal
The IRS Free File Program is a service that allows U.S. taxpayers to prepare and e-file their federal income tax returns for free. Through the program, commercial tax software companies that are part of the Free File Alliance offer free tax preparation software to tax filers with annual adjusted gross income (AGI) below $84,000 for Tax Year 2024.
A series limited liability company, commonly known as a series LLC, protected cell company, segregated account company, or segregated portfolio company, and sometimes abbreviated as SLLC, is a form of a limited liability company that provides liability protection across multiple "series" each of which is theoretically protected from liabilities arising from the other series.
The DRE was founded in 1917, when the California legislature enacted the nation’s first real estate law. In July 2013, the department briefly merged with the California Department of Consumer Affairs as the Bureau of Real Estate. In January 2018, through Senate Bill 172, it again became an independent department. [3]