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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 ]
The articles of organization document typically includes the name of the LLC, the type of legal structure (e.g. limited liability company, professional limited liability company, series LLC), the registered agent, whether the LLC is managed by members or managers, the effective date, the duration (perpetual by default in most states), and the ...
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 limited liability company (LLC) is a business entity that helps to protect the business owner from the ... An S corporation is a special form of corporation designed for smaller companies. They ...
Limited liability separates control of a company from ownership and means that a passive shareholder in a corporation will not be personally liable either for contractually agreed obligations of the corporation, or for torts (involuntary harms) committed by the corporation against a third party (acts done by the controllers of the corporation).
This is a list of companies in the Chicago metropolitan area. The Chicago metropolitan area – also known as "Chicagoland" – is the metropolitan area associated with the city of Chicago , Illinois , and its suburbs. [ 2 ]
“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 ...
An LLC loan is no different than other types of business loans, except they’re aimed at businesses organized as limited liability companies. LLC loans can be used for various short- and long ...