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For guidance, approximate equivalents in the company law of English-speaking countries are given in most cases, for example: private company limited by shares or Ltd. (United Kingdom, Ireland, and the Commonwealth) public limited company (United Kingdom, Ireland, and the Commonwealth) limited partnership; general partnership; chartered company
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 ...
An unincorporated association is a collective of people with common goals who have chosen to formalise their relationship, but without incorporating as a company or similar legal entity. A further requirement is that the members are not associated together for profit. This distinguishes an unincorporated association from a partnership.
A limited liability company (LLC) is a relatively new business structure authorized by state statutes. [54] The LLC is chiefly inspired by the GmbH ("Company with limited liability"), a type of business organization in Germany, and by the limitada, a type of business organization available in many Latin American countries. [16]
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 most common and traditional unincorporated entities are sole traders, partnerships, and trustees of trusts. Modern unincorporated entities include limited partnerships (but not incorporated limited partnerships), limited liability partnerships (but not UK Limited Liability Partnerships, which are corporations), Limited liability limited partnerships, and limited liability companies.
In the UK, a company limited by guarantee can distribute its profits to its members, if allowed by its articles of association. [2] However, in Australia this is not allowed. [3] In many countries, a company limited by guarantee must include the suffix Limited in its name; alongside private companies limited by shares.
Corporation: A business corporation is a for-profit, limited liability or unlimited liability entity that has a separate legal personality from its members. A corporation is owned by one or more shareholders and is overseen by a board of directors , which hires the business's managerial staff.
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