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A limited liability company (LLC) is the United States-specific form of a private limited company. It is a business structure that can combine the pass-through taxation of a partnership or sole proprietorship with the limited liability of a corporation . [ 1 ]
There are a number of legal benefits that come with incorporation. One significant legal benefit is the protection of personal assets against the claims of creditors and lawsuits. Sole proprietors and general partners in a partnership are personally and jointly responsible for all the legal liability (LL) of a business such as loans, accounts payable, and legal
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 Michigan Department of Licensing and Regulatory Affairs (LARA), originally the Department of Commerce among other names, is a principal department in the Michigan executive branch that oversees employment, professional licensing, construction, and commerce.
The articles of incorporation typically record the corporation's name, if there are any limits to its powers, purposes or duration, identify whether all shares will have the same rights. With this information filed with the state, a new corporation will come into existence, and be subject to the legal rights and duties that the people involved ...
In Pakistan, a business license is needed when you want to start a private limited company or a limited liability partnership (LLP) firm. There are actually various forms of business licenses needed for various activities carried out by a business. e.g. to be able to Import or export goods and services, you need to take IEC Registration.
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