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The equivalent term for an LLC is articles of organization. Roughly equivalent terms operate in other countries, such as Gesellschaftsvertrag in Germany, statuts in France, statut in Poland, [3] Ukrainian: статут (Romanization: statut) in Ukraine, and Jeong-gwan in South Korea.
LLC. Corporation. Ownership. Can be owned by one or multiple members. Owned by shareholders. Paperwork. Annual business filings can be handled by the business owner or manager
The owners of the LLC, called members, are protected from some or all liability for acts and debts of the LLC, depending on state shield laws. In the United States, an S corporation is limited to 100 shareholders, [b] and all of them must be U.S. tax residents. [c] An LLC may have an unlimited number of members, and there is no citizenship ...
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
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