What is a limited liability company?

Definition limited liability company

How do we define: limited liability company?

Limited Liability Company or LLC provide limited liability to their members, however are taxed like a partnership, preventing double taxation. LLCs can be formed in every state. An LLC is formed upon filing articles of organization with the proper state authorities and paying all fees. LLCs are a relatively new entity in the United States, gaining more widespread acceptance during the early 1990's, although the concept has long been used internationally.

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Corporate Glossary



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