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The Delaware General Corporation Law (sometimes abbreviated DGCL), officially the General Corporation Law of the State of Delaware (Title 8, Chapter 1 of the Delaware Code), is the statute of the Delaware Code that governs corporate law in the U.S. state of Delaware. [1] The statute was adopted in 1899.
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 ]
合同会社 (gōdō gaisha or gōdō kaisha, "G.K.") – lit. "amalgamated company", a close corporation form similar to the American LLC, introduced in 2006 有限会社 ( yūgen gaisha or yūgen kaisha , "Y.K.") – lit. "limited company", a close corporation form for smaller businesses, abolished in 2006 and replaced by G.K. above
For example, in Delaware LLLP elections take the form of a limited partnership electing to be a limited liability partnership (this is the format used in Delaware, while in Florida, Hawaii and Kentucky the election is made in the certificate of a limited partnership). Not all states presently allow business entities to form as LLLPs. [2]
The main reason for this is that the corporation does not have to pay any of the numerous state taxes. [22] Similar to Delaware, some companies are mandated to incorporate in the state in order to be in compliance with securities law. Filing in Nevada also affords the corporate owners privacy as the state does not require names to do so. [22]
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