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 3
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 ⓘ
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 (4)

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

Société Anonyme → contrastedWith → Société à responsabilité limitée (SARL) ⓘ
linked to: LLC
SSAP → relatedConcept → LLC ⓘ