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While L3Cs are a separate legal form of business entity, L3Cs structure most closely emulates that of a limited liability company (LLC). [18] The most notable difference between L3Cs and LLCs is that L3Cs are required to have a socially beneficial mission as their primary objective. [2] Below are several noteworthy characteristics of L3Cs:
In certain U.S. states (for example, Texas), businesses that provide professional services requiring a state professional license, such as legal or medical services, may not be allowed to form an LLC but may be required to form a similar entity called a professional limited liability company (PLLC). [4]
An operating agreement is a key document used by limited liability companies (LLCs) to outline the business' financial and functional decisions including rules, regulations and provisions. The purpose of the document is to govern the internal operations of the business in a way that suits the specific needs of the business owners, called "members".
The online business licenses are handled by National Board of Revenue. The cost of a trade license varies depending on factors such as the business type, size, and location. Generally, small businesses can expect to pay between BDT 500 to 1,000, while medium and large businesses may incur costs ranging from BDT 3,000 to 60,000. [12] [13]
Similar to a regular small business loan, the LLC loan can be secured or unsecured, and funds can be used for various business needs, such as startup expenses, equipment purchases and working capital.
As with the KG, the legal form of the general partner, followed by "& Compagnie" (shortened to & Co.), must be included if it is another limited company, resulting in combined legal forms such as: GmbH & Co. KGaA: the general partner is a GmbH; AG & Co. KGaA: the general partner is an AG; SE & Co. KGaA: the general partner is a societas Europaea
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