Search results
A limited liability company (LLC) is a type of business form combining attributes of both corporations and partnerships. It has TWO PRIMARY ATTRIBUTES: (1) the limited liability that shareholders of a corporation enjoy, AND. (2) the tax treatment of a partnership. An LLC is a legal "entity," capable of suing and being sued, owning property, etc.
- Limited Liability Company's (LLCs) Flashcards | Quizlet
Terms in this set (10) Limited Liability Company's: Defined....
- Chapter 6-Limited Liability Company Flashcards | Quizlet
Study with Quizlet and memorize flashcards containing terms...
- Limited Liability Company's (LLCs) Flashcards | Quizlet
What is a limited liability company (LLC)? An entity that avoids taxation by passing income and expenses through to the owners. What is the function of LLCs? To function as conduits for passing income and expenses to owners. What is the advantage of LLCs? They provide limited liability to owners.
People also ask
What is a limited liability company (LLC)?
What is the name of a limited liability company?
What is the general character of a limited liability company?
What if a company is a low-profit limited liability company?
Terms in this set (22) Limited Liability Corporation. is a juridical person distinct from its owners. This entity is an unincorporated association having one or more members. Has the powers, rights and privilidges provided for a corporation organized under the Business Corporation Law and as provided for a partnership.
Terms in this set (7) limited liability company. provides full protection for its members from all personal liability whether arising from tort or contract. advantages of a LLC. limited liability and full management. flexible managment. one person llc. pass through taxation. liability is limited to a persons investment.
A limited liability company's owner is called a _____. operating agreement A document used by the members of a limited liability company to outline the details of how the business will be managed and operated.
