Other Free Encyclopedias » Law Library - American Law and Legal Information » Free Legal Encyclopedia: Legislative Veto to Lloyd's

Limited Liability Company - History, Formation, Structure, Operating Agreement, Membership Interests, Member Contributions, Liability, Records And Books

organization business noncorporate owners

A noncorporate business whose owners actively participate in the organization's management and are protected against personal liability for the organization's debts and obligations.

The limited liability company (LLC) is a hybrid legal entity that has both the characteristics of a corporation and of a partnership. An LLC provides its owners with corporate-like protection against personal liability. It is, however, usually treated as a noncorporate business organization for tax purposes.

Limited Liability Partnership - Further Readings [next] [back] Limited

User Comments

Your email address will be altered so spam harvesting bots can't read it easily.
Hide my email completely instead?

Cancel or