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As a business entity, an LLC is often more flexible than a corporation and may be well-suited for companies with a single owner. [ 5 ] Although LLCs and corporations both possess some analogous features, the basic terminology commonly associated with each type of legal entity, at least within the United States, is sometimes different.
A business entity is an entity that is formed and administered as per corporate law [Note 1] in order to engage in business activities, charitable work, or other activities allowable. Most often, business entities are formed to sell a product or a service. There are many types of business entities defined
The corporation’s owners also file taxes, meaning corporations have far more complex tax filing procedures. ... (LLC) is a business entity that helps to protect the business owner from the ...
In a company limited by guarantee, the liability of owners is limited to such amount as the owners may undertake to contribute to the assets of the company, in the event of being wound up. The former may be further divided in public companies ( public limited companies ) and private companies ( private limited companies ).
A limited liability company (LLC) is a relatively new business structure authorized by state statutes. [52] The LLC is chiefly inspired by the GmbH ("Company with limited liability"), a type of business organization in Germany, and by the limitada, a type of business organization available in many Latin American countries. [16]
The articles of organization document typically includes the name of the LLC, the type of legal structure (e.g. limited liability company, professional limited liability company, series LLC), the registered agent, whether the LLC is managed by members or managers, the effective date, the duration (perpetual by default in most states), and the ...