LLC

E373829

An LLC (Limited Liability Company) is a flexible business structure that combines the limited liability protection of a corporation with the pass-through taxation and operational simplicity of a partnership or sole proprietorship.

All labels observed (2)

Label Occurrences
LLC canonical 2
Société à responsabilité limitée (SARL) 1

How this entity was disambiguated

Statements (50)

Predicate Object
instanceOf business entity type
legal entity form
canHave multiple members
single member
canHaveMemberType corporations
individuals
other LLCs
partnerships
combinesFeaturesOf corporation
partnership
sole proprietorship
commonFormationDocument articles of organization
certificate of formation
distinguishedFrom corporation
general partnership
limited partnership
sole proprietorship
firstStatuteEnactedBy Wyoming in 1977
fullName Limited Liability Company
governedBy operating agreement
state LLC statutes in the United States
hasCharacteristic contractual flexibility in operating agreement
flexible management structure
limited liability
limited life in some jurisdictions unless otherwise provided
operational simplicity
pass-through taxation by default in the United States
separate legal entity from its owners in many jurisdictions
hasOwnerType member
jurisdiction recognized in all U.S. states and many territories
legalBasis state-level enabling statutes in the United States
managementStructure manager-managed
member-managed
mayBeSubjectTo annual franchise taxes or fees in many states
annual report filing requirements in many states
originatedIn United States of America
surface form: United States
ownerLiability members generally not personally liable for company debts
members may be personally liable if corporate veil is pierced
popularFor professional service firms in some states
real estate holding companies
small businesses
provides asset protection for members subject to veil-piercing rules
limited liability protection for owners
requires filing of formation documents with state authority in the United States
payment of state filing fees in the United States
registered agent in many jurisdictions
taxTreatment disregarded entity for single-member LLC by default in the United States
eligible to be taxed as a corporation in the United States
eligible to be taxed as an S corporation if requirements are met in the United States
pass-through entity by default for federal income tax in the United States

How these facts were elicited

Referenced by (3)

Full triples — surface form annotated when it differs from this entity's canonical label.

Société Anonyme contrastedWith LLC
this entity surface form: Société à responsabilité limitée (SARL)
SSAP relatedConcept LLC