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The first state to enact a law authorizing the creation of limited liability companies was Wyoming in 1977. [13] The law was a project of the Hamilton Brothers Oil Company , which sought to organize its business in the United States with liability and tax advantages similar to those it had obtained in Panama .
The Uniform Limited Liability Company Act (ULLCA), which includes a 2006 revision called the Revised Uniform Limited Liability Company Act, is a uniform act (similar to a model statute), proposed by the National Conference of Commissioners on Uniform State Laws ("NCCUSL") for the governance of limited liability companies (often called LLCs) by U.S. states.
Private Limited Company: Liability, limited by shares; Name, cannot be deceptively similar to another registered company; Management, at least 1 director; Shareholders, limited to 1–50 excluding persons who are employed by company, prohibition against any invitation to the public to subscribe for shares; Founders, 1–50; Nationality ...
By the 15th century, English law had awarded limited liability to monastic communities and trade guilds with commonly held property. In the 17th century, joint stock charters were awarded by the crown to monopolies such as the East India Company. [14] The world's first modern limited liability law was enacted by the state of New York in 1811. [15]
To create such a statute, legislation must be passed that amends the state's general limited liability company (LLC) law. [23] Note that a business can operate as an L3C within a state that does not have an L3C statute by incorporating in a state that does have an L3C statute and filing as a foreign firm doing business. [22]
The dissolution of New York LLCs is governed by Article 7 of the New York Limited Liability Company Law (LLCL). Section 702 thereof provides that, as one ground, judicial dissolution may be ...
A Missouri appeals court's review of a fire district's meager public meeting agendas could have far-reaching consequences for the Sunshine Law.
A private limited company is a limited company incorporated under the Companies Act 2013 (or one of its predecessor acts), with a minimum paid-up share capital (if any) of ₹ 1 lakh (US$1,200), with an article that restricts the transfer of its shares; it may have between two and two hundred members, and its name ends with "Private Limited ...