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class="vector-toc-text"> <span class="vector-toc-numb">5</span> <span>Disadvantages</span> </div> </a> <ul id="toc-Disadvantages-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Variations" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#Variations"> <div class="vector-toc-text"> <span class="vector-toc-numb">6</span> <span>Variations</span> </div> </a> <ul id="toc-Variations-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-See_also" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#See_also"> <div class="vector-toc-text"> <span class="vector-toc-numb">7</span> <span>See also</span> </div> </a> <ul id="toc-See_also-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Notes" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#Notes"> <div class="vector-toc-text"> <span 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Available in 30 languages" > <label id="p-lang-btn-label" for="p-lang-btn-checkbox" class="vector-dropdown-label cdx-button cdx-button--fake-button cdx-button--fake-button--enabled cdx-button--weight-quiet cdx-button--action-progressive mw-portlet-lang-heading-30" aria-hidden="true" ><span class="vector-icon mw-ui-icon-language-progressive mw-ui-icon-wikimedia-language-progressive"></span> <span class="vector-dropdown-label-text">30 languages</span> </label> <div class="vector-dropdown-content"> <div class="vector-menu-content"> <ul class="vector-menu-content-list"> <li class="interlanguage-link interwiki-ar mw-list-item"><a href="https://ar.wikipedia.org/wiki/%D8%B4%D8%B1%D9%83%D8%A9_%D8%B0%D8%A7%D8%AA_%D9%85%D8%B3%D8%A4%D9%88%D9%84%D9%8A%D8%A9_%D9%85%D8%AD%D8%AF%D9%88%D8%AF%D8%A9_(%D8%A7%D9%84%D9%88%D9%84%D8%A7%D9%8A%D8%A7%D8%AA_%D8%A7%D9%84%D9%85%D8%AA%D8%AD%D8%AF%D8%A9)" title="شركة ذات مسؤولية محدودة (الولايات المتحدة) – Arabic" lang="ar" hreflang="ar" data-title="شركة ذات مسؤولية محدودة (الولايات المتحدة)" data-language-autonym="العربية" data-language-local-name="Arabic" class="interlanguage-link-target"><span>العربية</span></a></li><li class="interlanguage-link interwiki-az mw-list-item"><a href="https://az.wikipedia.org/wiki/M%C9%99hdud_m%C9%99suliyy%C9%99tli_c%C9%99miyy%C9%99t" title="Məhdud məsuliyyətli cəmiyyət – Azerbaijani" lang="az" hreflang="az" data-title="Məhdud məsuliyyətli cəmiyyət" data-language-autonym="Azərbaycanca" data-language-local-name="Azerbaijani" class="interlanguage-link-target"><span>Azərbaycanca</span></a></li><li class="interlanguage-link interwiki-zh-min-nan mw-list-item"><a href="https://zh-min-nan.wikipedia.org/wiki/I%C3%BA-h%C4%81n_chek-j%C4%ABm_kong-si_(B%C3%AD-kok)" title="Iú-hān chek-jīm kong-si (Bí-kok) – Minnan" lang="nan" hreflang="nan" data-title="Iú-hān chek-jīm kong-si (Bí-kok)" data-language-autonym="閩南語 / Bân-lâm-gú" data-language-local-name="Minnan" class="interlanguage-link-target"><span>閩南語 / Bân-lâm-gú</span></a></li><li class="interlanguage-link interwiki-cs mw-list-item"><a href="https://cs.wikipedia.org/wiki/Limited_liability_company" title="Limited liability company – Czech" lang="cs" hreflang="cs" data-title="Limited liability company" data-language-autonym="Čeština" data-language-local-name="Czech" class="interlanguage-link-target"><span>Čeština</span></a></li><li class="interlanguage-link interwiki-de mw-list-item"><a href="https://de.wikipedia.org/wiki/Limited_Liability_Company" title="Limited Liability Company – German" lang="de" hreflang="de" data-title="Limited Liability Company" data-language-autonym="Deutsch" data-language-local-name="German" class="interlanguage-link-target"><span>Deutsch</span></a></li><li class="interlanguage-link interwiki-el mw-list-item"><a href="https://el.wikipedia.org/wiki/%CE%95%CF%84%CE%B1%CE%B9%CF%81%CE%B5%CE%AF%CE%B1_%CE%A0%CE%B5%CF%81%CE%B9%CE%BF%CF%81%CE%B9%CF%83%CE%BC%CE%AD%CE%BD%CE%B7%CF%82_%CE%95%CF%85%CE%B8%CF%8D%CE%BD%CE%B7%CF%82" title="Εταιρεία Περιορισμένης Ευθύνης – Greek" lang="el" hreflang="el" data-title="Εταιρεία Περιορισμένης Ευθύνης" data-language-autonym="Ελληνικά" data-language-local-name="Greek" class="interlanguage-link-target"><span>Ελληνικά</span></a></li><li class="interlanguage-link interwiki-fa mw-list-item"><a href="https://fa.wikipedia.org/wiki/%D8%B4%D8%B1%DA%A9%D8%AA_%D9%85%D8%B3%D8%A6%D9%88%D9%84%DB%8C%D8%AA_%D9%85%D8%AD%D8%AF%D9%88%D8%AF" title="شرکت مسئولیت محدود – Persian" lang="fa" hreflang="fa" data-title="شرکت مسئولیت محدود" data-language-autonym="فارسی" data-language-local-name="Persian" class="interlanguage-link-target"><span>فارسی</span></a></li><li class="interlanguage-link interwiki-fr mw-list-item"><a href="https://fr.wikipedia.org/wiki/Limited_liability_company" title="Limited liability company – French" lang="fr" hreflang="fr" data-title="Limited liability company" data-language-autonym="Français" data-language-local-name="French" class="interlanguage-link-target"><span>Français</span></a></li><li class="interlanguage-link interwiki-ko mw-list-item"><a href="https://ko.wikipedia.org/wiki/%EC%9C%A0%ED%95%9C%EC%B1%85%EC%9E%84%ED%9A%8C%EC%82%AC" title="유한책임회사 – Korean" lang="ko" hreflang="ko" data-title="유한책임회사" data-language-autonym="한국어" data-language-local-name="Korean" class="interlanguage-link-target"><span>한국어</span></a></li><li class="interlanguage-link interwiki-hy mw-list-item"><a href="https://hy.wikipedia.org/wiki/%D5%8D%D5%A1%D5%B0%D5%B4%D5%A1%D5%B6%D5%A1%D6%83%D5%A1%D5%AF_%D5%BA%D5%A1%D5%BF%D5%A1%D5%BD%D5%AD%D5%A1%D5%B6%D5%A1%D5%BF%D5%BE%D5%B8%D6%82%D5%A9%D5%B5%D5%A1%D5%B4%D5%A2_%D5%A8%D5%B6%D5%AF%D5%A5%D6%80%D5%B8%D6%82%D5%A9%D5%B5%D5%B8%D6%82%D5%B6" title="Սահմանափակ պատասխանատվությամբ ընկերություն – Armenian" lang="hy" hreflang="hy" data-title="Սահմանափակ պատասխանատվությամբ ընկերություն" data-language-autonym="Հայերեն" data-language-local-name="Armenian" class="interlanguage-link-target"><span>Հայերեն</span></a></li><li class="interlanguage-link interwiki-hi mw-list-item"><a href="https://hi.wikipedia.org/wiki/%E0%A4%B8%E0%A5%80%E0%A4%AE%E0%A4%BF%E0%A4%A4_%E0%A4%A6%E0%A5%87%E0%A4%AF%E0%A4%A4%E0%A4%BE_%E0%A4%95%E0%A4%82%E0%A4%AA%E0%A4%A8%E0%A5%80" title="सीमित देयता कंपनी – Hindi" lang="hi" hreflang="hi" data-title="सीमित देयता कंपनी" data-language-autonym="हिन्दी" data-language-local-name="Hindi" class="interlanguage-link-target"><span>हिन्दी</span></a></li><li class="interlanguage-link interwiki-it mw-list-item"><a href="https://it.wikipedia.org/wiki/Limited_liability_company" title="Limited liability company – Italian" lang="it" hreflang="it" data-title="Limited liability company" data-language-autonym="Italiano" data-language-local-name="Italian" class="interlanguage-link-target"><span>Italiano</span></a></li><li class="interlanguage-link interwiki-kn mw-list-item"><a href="https://kn.wikipedia.org/wiki/%E0%B2%B8%E0%B3%80%E0%B2%AE%E0%B2%BF%E0%B2%A4_%E0%B2%B9%E0%B3%8A%E0%B2%A3%E0%B3%86%E0%B2%97%E0%B2%BE%E0%B2%B0%E0%B2%BF%E0%B2%95%E0%B3%86_%E0%B2%A8%E0%B2%BF%E0%B2%97%E0%B2%AE" title="ಸೀಮಿತ ಹೊಣೆಗಾರಿಕೆ ನಿಗಮ – Kannada" lang="kn" hreflang="kn" data-title="ಸೀಮಿತ ಹೊಣೆಗಾರಿಕೆ ನಿಗಮ" data-language-autonym="ಕನ್ನಡ" data-language-local-name="Kannada" class="interlanguage-link-target"><span>ಕನ್ನಡ</span></a></li><li class="interlanguage-link interwiki-ka mw-list-item"><a href="https://ka.wikipedia.org/wiki/%E1%83%A8%E1%83%94%E1%83%96%E1%83%A6%E1%83%A3%E1%83%93%E1%83%A3%E1%83%9A%E1%83%98_%E1%83%9E%E1%83%90%E1%83%A1%E1%83%A3%E1%83%AE%E1%83%98%E1%83%A1%E1%83%9B%E1%83%92%E1%83%94%E1%83%91%E1%83%9A%E1%83%9D%E1%83%91%E1%83%98%E1%83%A1_%E1%83%A1%E1%83%90%E1%83%96%E1%83%9D%E1%83%92%E1%83%90%E1%83%93%E1%83%9D%E1%83%94%E1%83%91%E1%83%90" title="შეზღუდული პასუხისმგებლობის საზოგადოება – Georgian" lang="ka" hreflang="ka" data-title="შეზღუდული პასუხისმგებლობის საზოგადოება" data-language-autonym="ქართული" data-language-local-name="Georgian" class="interlanguage-link-target"><span>ქართული</span></a></li><li class="interlanguage-link interwiki-lt mw-list-item"><a href="https://lt.wikipedia.org/wiki/Ribotos_atsakomyb%C4%97s_%C4%AFmon%C4%97" title="Ribotos atsakomybės įmonė – Lithuanian" lang="lt" hreflang="lt" data-title="Ribotos atsakomybės įmonė" data-language-autonym="Lietuvių" data-language-local-name="Lithuanian" class="interlanguage-link-target"><span>Lietuvių</span></a></li><li class="interlanguage-link interwiki-ms mw-list-item"><a href="https://ms.wikipedia.org/wiki/Syarikat_liabiliti_berhad" title="Syarikat liabiliti berhad – Malay" lang="ms" hreflang="ms" data-title="Syarikat liabiliti berhad" data-language-autonym="Bahasa Melayu" data-language-local-name="Malay" class="interlanguage-link-target"><span>Bahasa Melayu</span></a></li><li class="interlanguage-link interwiki-nl mw-list-item"><a href="https://nl.wikipedia.org/wiki/Limited_liability_company" title="Limited liability company – Dutch" lang="nl" hreflang="nl" data-title="Limited liability company" data-language-autonym="Nederlands" data-language-local-name="Dutch" class="interlanguage-link-target"><span>Nederlands</span></a></li><li class="interlanguage-link interwiki-ja mw-list-item"><a href="https://ja.wikipedia.org/wiki/LLC" title="LLC – Japanese" lang="ja" hreflang="ja" data-title="LLC" data-language-autonym="日本語" data-language-local-name="Japanese" class="interlanguage-link-target"><span>日本語</span></a></li><li class="interlanguage-link interwiki-pnb mw-list-item"><a href="https://pnb.wikipedia.org/wiki/%D9%84%D9%85%DB%8C%D9%B9%DA%88_%DA%A9%D9%85%D9%BE%D9%86%DB%8C" title="لمیٹڈ کمپنی – Western Punjabi" lang="pnb" hreflang="pnb" data-title="لمیٹڈ کمپنی" data-language-autonym="پنجابی" data-language-local-name="Western Punjabi" class="interlanguage-link-target"><span>پنجابی</span></a></li><li class="interlanguage-link interwiki-pt mw-list-item"><a href="https://pt.wikipedia.org/wiki/Limited_liability_company" title="Limited liability company – Portuguese" lang="pt" hreflang="pt" data-title="Limited liability company" data-language-autonym="Português" data-language-local-name="Portuguese" class="interlanguage-link-target"><span>Português</span></a></li><li class="interlanguage-link interwiki-ru mw-list-item"><a href="https://ru.wikipedia.org/wiki/%D0%9E%D0%B1%D1%89%D0%B5%D1%81%D1%82%D0%B2%D0%BE_%D1%81_%D0%BE%D0%B3%D1%80%D0%B0%D0%BD%D0%B8%D1%87%D0%B5%D0%BD%D0%BD%D0%BE%D0%B9_%D0%BE%D1%82%D0%B2%D0%B5%D1%82%D1%81%D1%82%D0%B2%D0%B5%D0%BD%D0%BD%D0%BE%D1%81%D1%82%D1%8C%D1%8E_(%D0%A1%D0%A8%D0%90)" title="Общество с ограниченной ответственностью (США) – Russian" lang="ru" hreflang="ru" data-title="Общество с ограниченной ответственностью (США)" data-language-autonym="Русский" data-language-local-name="Russian" class="interlanguage-link-target"><span>Русский</span></a></li><li class="interlanguage-link interwiki-sk mw-list-item"><a href="https://sk.wikipedia.org/wiki/Limited_liability_company" title="Limited liability company – Slovak" lang="sk" hreflang="sk" data-title="Limited liability company" data-language-autonym="Slovenčina" data-language-local-name="Slovak" class="interlanguage-link-target"><span>Slovenčina</span></a></li><li class="interlanguage-link interwiki-ckb mw-list-item"><a href="https://ckb.wikipedia.org/wiki/%D8%B4%D8%B1%DA%A9%DB%95%D8%AA_%D8%A8%DB%95_%D8%A8%DB%95%D8%B1%D9%BE%D8%B1%D8%B3%DB%8C%D8%A7%D8%B1%DB%8E%D8%AA%DB%8C%DB%8C_%D8%B3%D9%86%D9%88%D9%88%D8%B1%D8%AF%D8%A7%D8%B1" title="شرکەت بە بەرپرسیارێتیی سنووردار – Central Kurdish" lang="ckb" hreflang="ckb" data-title="شرکەت بە بەرپرسیارێتیی سنووردار" data-language-autonym="کوردی" data-language-local-name="Central Kurdish" class="interlanguage-link-target"><span>کوردی</span></a></li><li class="interlanguage-link interwiki-sr mw-list-item"><a href="https://sr.wikipedia.org/wiki/%D0%94%D1%80%D1%83%D1%88%D1%82%D0%B2%D0%BE_%D1%81_%D0%BE%D0%B3%D1%80%D0%B0%D0%BD%D0%B8%D1%87%D0%B5%D0%BD%D0%BE%D0%BC_%D0%BE%D0%B4%D0%B3%D0%BE%D0%B2%D0%BE%D1%80%D0%BD%D0%BE%D1%88%D1%9B%D1%83" title="Друштво с ограниченом одговорношћу – Serbian" lang="sr" hreflang="sr" data-title="Друштво с ограниченом одговорношћу" data-language-autonym="Српски / srpski" data-language-local-name="Serbian" class="interlanguage-link-target"><span>Српски / srpski</span></a></li><li class="interlanguage-link interwiki-sv mw-list-item"><a href="https://sv.wikipedia.org/wiki/Limited_Liability_Company" title="Limited Liability Company – Swedish" lang="sv" hreflang="sv" data-title="Limited Liability Company" data-language-autonym="Svenska" data-language-local-name="Swedish" class="interlanguage-link-target"><span>Svenska</span></a></li><li class="interlanguage-link interwiki-ta mw-list-item"><a href="https://ta.wikipedia.org/wiki/%E0%AE%B5%E0%AE%B0%E0%AF%88%E0%AE%AF%E0%AE%B1%E0%AF%81%E0%AE%95%E0%AF%8D%E0%AE%95%E0%AE%AA%E0%AF%8D%E0%AE%AA%E0%AE%9F%E0%AF%8D%E0%AE%9F_%E0%AE%AA%E0%AF%8A%E0%AE%B1%E0%AF%81%E0%AE%AA%E0%AF%8D%E0%AE%AA%E0%AF%81_%E0%AE%A8%E0%AE%BF%E0%AE%B1%E0%AF%81%E0%AE%AE%E0%AE%AE%E0%AF%8D" title="வரையறுக்கப்பட்ட பொறுப்பு நிறுமம் – Tamil" lang="ta" hreflang="ta" data-title="வரையறுக்கப்பட்ட பொறுப்பு நிறுமம்" data-language-autonym="தமிழ்" data-language-local-name="Tamil" class="interlanguage-link-target"><span>தமிழ்</span></a></li><li class="interlanguage-link interwiki-tr mw-list-item"><a href="https://tr.wikipedia.org/wiki/S%C4%B1n%C4%B1rl%C4%B1_Sorumlu_%C5%9Eirket" title="Sınırlı Sorumlu Şirket – Turkish" lang="tr" hreflang="tr" data-title="Sınırlı Sorumlu Şirket" data-language-autonym="Türkçe" data-language-local-name="Turkish" class="interlanguage-link-target"><span>Türkçe</span></a></li><li class="interlanguage-link interwiki-uk mw-list-item"><a href="https://uk.wikipedia.org/wiki/Limited_liability_company" title="Limited liability company – Ukrainian" lang="uk" hreflang="uk" data-title="Limited liability company" data-language-autonym="Українська" data-language-local-name="Ukrainian" class="interlanguage-link-target"><span>Українська</span></a></li><li class="interlanguage-link interwiki-ur mw-list-item"><a href="https://ur.wikipedia.org/wiki/%D9%84%D9%85%DB%8C%D9%B9%DA%88_%DA%A9%D9%85%D9%BE%D9%86%DB%8C" title="لمیٹڈ کمپنی – Urdu" lang="ur" hreflang="ur" data-title="لمیٹڈ کمپنی" data-language-autonym="اردو" data-language-local-name="Urdu" class="interlanguage-link-target"><span>اردو</span></a></li><li class="interlanguage-link interwiki-vi mw-list-item"><a href="https://vi.wikipedia.org/wiki/C%C3%B4ng_ty_tr%C3%A1ch_nhi%E1%BB%87m_h%E1%BB%AFu_h%E1%BA%A1n_(Hoa_K%E1%BB%B3)" title="Công ty trách nhiệm hữu hạn (Hoa Kỳ) – Vietnamese" lang="vi" hreflang="vi" data-title="Công ty trách nhiệm hữu hạn (Hoa Kỳ)" data-language-autonym="Tiếng Việt" data-language-local-name="Vietnamese" class="interlanguage-link-target"><span>Tiếng Việt</span></a></li> </ul> <div class="after-portlet after-portlet-lang"><span class="wb-langlinks-edit wb-langlinks-link"><a href="https://www.wikidata.org/wiki/Special:EntityPage/Q149789#sitelinks-wikipedia" title="Edit interlanguage links" class="wbc-editpage">Edit links</a></span></div> </div> </div> </div> </header> <div class="vector-page-toolbar"> <div class="vector-page-toolbar-container"> <div id="left-navigation"> <nav aria-label="Namespaces"> <div id="p-associated-pages" class="vector-menu vector-menu-tabs mw-portlet mw-portlet-associated-pages" > <div class="vector-menu-content"> <ul class="vector-menu-content-list"> <li id="ca-nstab-main" class="selected vector-tab-noicon mw-list-item"><a href="/wiki/Limited_liability_company" title="View the content page [c]" accesskey="c"><span>Article</span></a></li><li id="ca-talk" class="vector-tab-noicon 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<div class="vector-body-before-content"> <div class="mw-indicators"> </div> <div id="siteSub" class="noprint">From Wikipedia, the free encyclopedia</div> </div> <div id="contentSub"><div id="mw-content-subtitle"></div></div> <div id="mw-content-text" class="mw-body-content"><div class="mw-content-ltr mw-parser-output" lang="en" dir="ltr"><div class="shortdescription nomobile noexcerpt noprint searchaux" style="display:none">US form of a private limited company</div> <style data-mw-deduplicate="TemplateStyles:r1236090951">.mw-parser-output .hatnote{font-style:italic}.mw-parser-output div.hatnote{padding-left:1.6em;margin-bottom:0.5em}.mw-parser-output .hatnote i{font-style:normal}.mw-parser-output .hatnote+link+.hatnote{margin-top:-0.5em}@media print{body.ns-0 .mw-parser-output .hatnote{display:none!important}}</style><div role="note" class="hatnote navigation-not-searchable">"LLC" redirects here. For other uses, see <a href="/wiki/LLC_(disambiguation)" class="mw-disambig" title="LLC (disambiguation)">LLC (disambiguation)</a>.</div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">This article is about the United States-specific business entity form. For privately-held limited liability companies in general, see <a href="/wiki/Private_limited_company" title="Private limited company">Private limited company</a>. 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rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1246091330"><table class="sidebar sidebar-collapse nomobile nowraplinks vcard hlist"><tbody><tr><td class="sidebar-pretitle">This article is part of <a href="/wiki/Category:Corporate_law" title="Category:Corporate law">a series</a> on</td></tr><tr><th class="sidebar-title-with-pretitle"><a href="/wiki/Corporate_law" title="Corporate law">Corporate law</a></th></tr><tr><td class="sidebar-image"><span typeof="mw:File"><a href="/wiki/File:Society.svg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/5/5b/Society.svg/200px-Society.svg.png" decoding="async" width="200" height="79" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/5/5b/Society.svg/300px-Society.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/5/5b/Society.svg/400px-Society.svg.png 2x" data-file-width="96" data-file-height="38" /></a></span></td></tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="text-align:center; background:lavender; line-height:130%; padding:0.3em 0em;;color: var(--color-base)">By jurisdiction</div><div class="sidebar-list-content mw-collapsible-content"> <ul><li><a href="/wiki/Anguillan_company_law" title="Anguillan company law">Anguilla</a></li> <li><a href="/wiki/Australian_corporate_law" title="Australian corporate law">Australia</a></li> <li><a href="/wiki/British_Virgin_Islands_company_law" title="British Virgin Islands company law">BVI</a></li> <li><a href="/wiki/Canadian_corporate_law" title="Canadian corporate law">Canada</a></li> <li><a href="/wiki/Cayman_Islands_company_law" title="Cayman Islands company law">Cayman Islands</a></li> <li><a href="/wiki/Indian_company_law" title="Indian company law">India</a></li> <li><a href="/wiki/South_African_company_law" title="South African company law">South Africa</a></li> <li><a href="/wiki/United_Kingdom_company_law" title="United Kingdom company law">UK</a></li> <li><a href="/wiki/United_States_corporate_law" title="United States corporate law">United States</a></li> <li><a href="/wiki/Corporate_law_in_Vietnam" title="Corporate law in Vietnam">Vietnam</a></li> <li><br /><a href="/wiki/European_corporate_law" class="mw-redirect" title="European corporate law">European Union</a> <ul><li><a href="/wiki/French_company_law" title="French company law">France</a></li> <li><a href="/wiki/German_company_law" title="German company law">Germany</a></li></ul></li></ul></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="text-align:center; background:lavender; line-height:130%; padding:0.3em 0em;;color: var(--color-base)">General corporate forms</div><div class="sidebar-list-content mw-collapsible-content"> <ul><li><a href="/wiki/Company" title="Company">Company</a></li> <li><a href="/wiki/Conglomerate_(company)" title="Conglomerate (company)">Conglomerate</a></li> <li><a href="/wiki/Cooperative" title="Cooperative">Cooperative</a></li> <li><a href="/wiki/Corporation" title="Corporation">Corporation</a></li> <li><a href="/wiki/Holding_company" title="Holding company">Holding company</a></li> <li><a href="/wiki/Joint-stock_company" title="Joint-stock company">Joint-stock</a></li> <li><a href="/wiki/Partnership" title="Partnership">Partnership</a> <ul><li><a href="/wiki/General_partnership" title="General partnership">General</a></li> <li><a href="/wiki/Limited_partnership" title="Limited partnership">Limited</a></li> <li><a href="/wiki/Limited_liability_partnership" title="Limited liability partnership">Limited liability</a></li></ul></li> <li><a href="/wiki/Private_limited_company" title="Private limited company">Private limited</a></li> <li><a href="/wiki/Shell_corporation" title="Shell corporation">Shell corporation</a></li> <li><a href="/wiki/Shelf_corporation" title="Shelf corporation">Shelf corporation</a></li> <li><a href="/wiki/Sole_proprietorship" title="Sole proprietorship">Sole proprietorship</a></li></ul></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="text-align:center; background:lavender; line-height:130%; padding:0.3em 0em;;color: var(--color-base)"><a href="/wiki/List_of_legal_entity_types_by_country" title="List of legal entity types by country">Corporate forms<br />by jurisdiction</a></div><div class="sidebar-list-content mw-collapsible-content"><table class="sidebar nomobile nowraplinks" style="background-color: transparent; color: var( --color-base ); border-collapse:collapse; border-spacing:0px; border:none; width:100%; margin:0px; font-size:100%; clear:none; float:none"><tbody><tr><th class="sidebar-heading"> <a href="/wiki/European_corporate_law" class="mw-redirect" title="European corporate law">European Union</a></th></tr><tr><td class="sidebar-content" style="border-bottom:#ccc 1px solid"> <ul><li><a href="/wiki/Societas_Europaea" title="Societas Europaea"><i>Societas</i> <span style="font-size:85%;">(SE)</span></a></li> <li><a href="/wiki/Societas_cooperativa_Europaea" title="Societas cooperativa Europaea"><i>Societas cooperativa</i> <span style="font-size:85%;">(SCE)</span></a></li> <li><a href="/wiki/Societas_privata_Europaea" title="Societas privata Europaea"><i>Societas privata</i> <span style="font-size:85%;">(SPE)</span></a></li> <li><a href="/wiki/Societas_unius_personae" title="Societas unius personae"><i>Societas unius personae</i> <span style="font-size:85%;">(SUP)</span></a></li> <li><a href="/wiki/European_economic_interest_grouping" title="European economic interest grouping">Economic interest grouping <span style="font-size:85%;">(EEIG)</span></a></li></ul></td> </tr><tr><th class="sidebar-heading"> <span class="nowrap">UK / Ireland / Commonwealth</span></th></tr><tr><td class="sidebar-content" style="border-bottom:#ccc 1px solid"> <ul><li><a href="/wiki/Charitable_incorporated_organisation" title="Charitable incorporated organisation">Charitable incorporated organisation (England and Wales) <span style="font-size:85%;">(CIO)</span></a></li> <li><a href="/wiki/Scottish_charitable_incorporated_organisation" title="Scottish charitable incorporated organisation">Scottish charitable incorporated organisation <span style="font-size:85%;">(SCIO)</span></a></li> <li><a href="/wiki/Community_interest_company" title="Community interest company">Community interest company <span style="font-size:85%;">(CIC)</span></a></li> <li><a href="/wiki/Industrial_and_provident_society" title="Industrial and provident society">Industrial and provident society <span style="font-size:85%;">(IPS)</span></a></li> <li><br /><a href="/wiki/Limited_company" title="Limited company">Limited company <span style="font-size:85%;">(Ltd.)</span></a> <ul><li><a href="/wiki/Private_company_limited_by_guarantee" class="mw-redirect" title="Private company limited by guarantee">by guarantee</a></li> <li><a href="/wiki/Private_company_limited_by_shares" title="Private company limited by shares">by shares</a></li> <li><a href="/wiki/Proprietary_company" title="Proprietary company">proprietary</a></li> <li><a href="/wiki/Public_limited_company" title="Public limited company">public</a></li></ul></li> <li><a href="/wiki/Unlimited_company" title="Unlimited company">Unlimited company</a></li></ul></td> </tr><tr><th class="sidebar-heading"> United States</th></tr><tr><td class="sidebar-content" style="border-bottom:#ccc 1px solid"> <ul><li><a href="/wiki/Benefit_corporation" title="Benefit corporation">Benefit corporation</a></li> <li><a href="/wiki/C_corporation" title="C corporation">C corporation</a></li> <li><a class="mw-selflink selflink">Limited liability company <span style="font-size:85%;">(LLC)</span></a> <ul><li><a href="/wiki/Low-profit_limited_liability_company" title="Low-profit limited liability company">Low-profit LLC</a></li></ul></li> <li><a href="/wiki/Series_LLC" title="Series LLC">Series LLC</a></li> <li><a href="/wiki/Limited_liability_limited_partnership" title="Limited liability limited partnership">Limited liability limited partnership <span style="font-size:85%;">(LLLP)</span></a></li> <li><a href="/wiki/S_corporation" title="S corporation">S corporation</a></li> <li><span class="nowrap"><a href="/wiki/Delaware_General_Corporation_Law" title="Delaware General Corporation Law">Delaware corporation</a> / <a href="/wiki/Delaware_statutory_trust" title="Delaware statutory trust">statutory trust</a></span></li> <li><a href="/wiki/Massachusetts_business_trust" title="Massachusetts business trust">Massachusetts business trust</a></li> <li><a href="/wiki/Nevada_corporation" title="Nevada corporation">Nevada corporation</a></li></ul></td> </tr><tr><th class="sidebar-heading"> Others</th></tr><tr><td class="sidebar-content" style="border-bottom:#ccc 1px solid"> <ul><li><a href="/wiki/Aktiebolag" title="Aktiebolag"><i>Aktiebolag</i> <span style="font-size:85%;">(AB)</span></a></li> <li><a href="/wiki/Aktiengesellschaft" title="Aktiengesellschaft"><i>Aktiengesellschaft</i> <span style="font-size:85%;">(AG)</span></a></li> <li><a href="/wiki/Ansvarlig_selskap" title="Ansvarlig selskap"><i>Ansvarlig selskap</i> <span style="font-size:85%;">(ANS)</span></a></li> <li><a href="/wiki/Aktieselskab" title="Aktieselskab"><i>Aktieselskab</i> <span style="font-size:85%;">(A/S)</span></a></li> <li><a href="/wiki/Aksjeselskap" title="Aksjeselskap"><i>Aksjeselskap</i> <span style="font-size:85%;">(AS)</span></a></li> <li><a href="/wiki/Gesellschaft_mit_beschr%C3%A4nkter_Haftung" class="mw-redirect" title="Gesellschaft mit beschränkter Haftung"><i>Gesellschaft mit beschränkter Haftung</i> <span style="font-size:85%;">(GmbH)</span></a></li> <li><a href="/wiki/Kabushiki_gaisha" title="Kabushiki gaisha"><i>Kabushiki gaisha</i> <span style="font-size:85%;">(K.K.)</span></a></li> <li><a href="/wiki/Naamloze_vennootschap" title="Naamloze vennootschap"><i>Naamloze vennootschap</i> <span style="font-size:85%;">(N.V.)</span></a></li> <li><a href="/wiki/Osakeyhti%C3%B6" title="Osakeyhtiö"><i>Osakeyhtiö</i> <span style="font-size:85%;">(Oy)</span></a></li> <li><a href="/wiki/S.A._(corporation)" title="S.A. (corporation)">S.A.</a></li> <li><a href="/wiki/Soci%C3%A9t%C3%A9_%C3%A0_responsabilit%C3%A9_limit%C3%A9e" title="Société à responsabilité limitée"><i>Société à responsabilité limitée</i> <span style="font-size:85%;">(SARL)</span></a></li> <li><a href="/wiki/Types_of_business_entity" class="mw-redirect" title="Types of business entity">more...</a></li></ul></td> </tr></tbody></table></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="text-align:center; background:lavender; line-height:130%; padding:0.3em 0em;;color: var(--color-base)">Doctrines</div><div class="sidebar-list-content mw-collapsible-content"> <ul><li><a href="/wiki/Business_judgment_rule" title="Business judgment rule">Business judgment rule</a></li> <li><a href="/wiki/Corporate_governance" title="Corporate governance">Corporate governance</a></li> <li><a href="/wiki/De_facto_corporation_and_corporation_by_estoppel" title="De facto corporation and corporation by estoppel"><i>De facto</i> and estoppel corporations</a></li> <li><a href="/wiki/Internal_affairs_doctrine" title="Internal affairs doctrine">Internal affairs doctrine</a></li> <li><a href="/wiki/Limited_liability" title="Limited liability">Limited liability</a></li> <li><a href="/wiki/Tag-along_right" title="Tag-along right">Tag-along right</a></li> <li><a href="/wiki/Drag-along_right" title="Drag-along right">Drag-along right</a></li> <li><a href="/wiki/Piercing_the_corporate_veil" title="Piercing the corporate veil">Piercing the corporate veil</a></li> <li><a href="/wiki/Rochdale_Principles" title="Rochdale Principles">Rochdale Principles</a></li> <li><i><a href="/wiki/Ultra_vires" title="Ultra vires">Ultra vires</a></i></li></ul></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="text-align:center; background:lavender; line-height:130%; padding:0.3em 0em;;color: var(--color-base)">Related areas</div><div class="sidebar-list-content mw-collapsible-content"> <ul><li><a href="/wiki/Beneficial_ownership" title="Beneficial ownership">Beneficial ownership</a></li> <li><a href="/wiki/Civil_procedure" title="Civil procedure">Civil procedure</a></li> <li><a href="/wiki/Contract" title="Contract">Contract</a></li> <li><a href="/wiki/List_of_company_registers" class="mw-redirect" title="List of company registers">Corporate registers</a></li> <li><a href="/wiki/Registered_agent" title="Registered agent">Registered agent</a></li></ul></div></div></td> </tr><tr><td class="sidebar-below"> <ul><li><a href="/wiki/Portal:Companies" title="Portal:Companies">Company portal</a></li> <li><a href="/wiki/Portal:Law" title="Portal:Law">Law portal</a></li></ul></td></tr><tr><td class="sidebar-navbar"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><style data-mw-deduplicate="TemplateStyles:r1239400231">.mw-parser-output .navbar{display:inline;font-size:88%;font-weight:normal}.mw-parser-output .navbar-collapse{float:left;text-align:left}.mw-parser-output .navbar-boxtext{word-spacing:0}.mw-parser-output .navbar ul{display:inline-block;white-space:nowrap;line-height:inherit}.mw-parser-output .navbar-brackets::before{margin-right:-0.125em;content:"[ "}.mw-parser-output .navbar-brackets::after{margin-left:-0.125em;content:" ]"}.mw-parser-output .navbar li{word-spacing:-0.125em}.mw-parser-output .navbar a>span,.mw-parser-output .navbar a>abbr{text-decoration:inherit}.mw-parser-output .navbar-mini abbr{font-variant:small-caps;border-bottom:none;text-decoration:none;cursor:inherit}.mw-parser-output .navbar-ct-full{font-size:114%;margin:0 7em}.mw-parser-output .navbar-ct-mini{font-size:114%;margin:0 4em}html.skin-theme-clientpref-night .mw-parser-output .navbar li a abbr{color:var(--color-base)!important}@media(prefers-color-scheme:dark){html.skin-theme-clientpref-os .mw-parser-output .navbar li a abbr{color:var(--color-base)!important}}@media print{.mw-parser-output .navbar{display:none!important}}</style><div class="navbar plainlinks hlist navbar-mini"><ul><li class="nv-view"><a href="/wiki/Template:Corporate_law" title="Template:Corporate law"><abbr title="View this template">v</abbr></a></li><li class="nv-talk"><a href="/wiki/Template_talk:Corporate_law" title="Template talk:Corporate law"><abbr title="Discuss this template">t</abbr></a></li><li class="nv-edit"><a href="/wiki/Special:EditPage/Template:Corporate_law" title="Special:EditPage/Template:Corporate law"><abbr title="Edit this template">e</abbr></a></li></ul></div></td></tr></tbody></table> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1246091330"><table class="sidebar sidebar-collapse nomobile nowraplinks hlist"><tbody><tr><th class="sidebar-title" style="font-size:130%;"><a href="/wiki/Business_administration" title="Business administration">Business administration</a></th></tr><tr><td class="sidebar-above"> Management of a business</td></tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="text-align: center;;color: var(--color-base)"><a href="/wiki/Accounting" title="Accounting">Accounting</a></div><div class="sidebar-list-content mw-collapsible-content"> <ul><li><a href="/wiki/Management_accounting" title="Management accounting">Management accounting</a></li> <li><a href="/wiki/Financial_accounting" title="Financial accounting">Financial accounting</a></li> <li><a href="/wiki/Audit" title="Audit">Audit</a></li></ul></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="text-align: center;;color: var(--color-base)"><a href="/wiki/Legal_person" title="Legal person">Business entity</a> (<a href="/wiki/List_of_legal_entity_types_by_country" title="List of legal entity types by country">list</a>)</div><div class="sidebar-list-content mw-collapsible-content"> <ul><li><a href="/wiki/Corporate_group" title="Corporate group">Corporate group</a></li> <li><a href="/wiki/Corporation_sole" title="Corporation sole">Corporation sole</a></li> <li><a href="/wiki/Company" title="Company">Company</a></li> <li><a href="/wiki/Conglomerate_(company)" title="Conglomerate (company)">Conglomerate</a></li> <li><a href="/wiki/Holding_company" title="Holding company">Holding company</a></li> <li><a href="/wiki/Cooperative" title="Cooperative">Cooperative</a></li> <li><a href="/wiki/Corporation" title="Corporation">Corporation</a></li> <li><a href="/wiki/Joint-stock_company" title="Joint-stock company">Joint-stock company</a></li> <li><a class="mw-selflink selflink">Limited liability company</a></li> <li><a href="/wiki/Partnership" title="Partnership">Partnership</a></li> <li><a href="/wiki/Privately_held_company" title="Privately held company">Privately held company</a></li> <li><a href="/wiki/Sole_proprietorship" title="Sole proprietorship">Sole proprietorship</a></li> <li><a href="/wiki/State-owned_enterprise" title="State-owned enterprise">State-owned enterprise</a></li></ul></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="text-align: center;;color: var(--color-base)"><a href="/wiki/Corporate_governance" title="Corporate governance">Corporate governance</a></div><div class="sidebar-list-content mw-collapsible-content"> <ul><li><a href="/wiki/Annual_general_meeting" title="Annual general meeting">Annual general meeting</a></li> <li><a href="/wiki/Board_of_directors" title="Board of directors">Board of directors</a></li> <li><a href="/wiki/Supervisory_board" title="Supervisory board">Supervisory board</a></li> <li><a href="/wiki/Advisory_board" title="Advisory board">Advisory board</a></li> <li><a href="/wiki/Audit_committee" title="Audit committee">Audit committee</a></li></ul></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="text-align: center;;color: var(--color-base)"><a href="/wiki/Corporate_law" title="Corporate law">Corporate law</a></div><div class="sidebar-list-content mw-collapsible-content"> <ul><li><a href="/wiki/Commercial_law" title="Commercial law">Commercial law</a></li> <li><a href="/wiki/Constitutional_documents" title="Constitutional documents">Constitutional documents</a></li> <li><a href="/wiki/Contract" title="Contract">Contract</a></li> <li><a href="/wiki/Corporate_crime" title="Corporate crime">Corporate crime</a></li> <li><a href="/wiki/Corporate_liability" title="Corporate liability">Corporate liability</a></li> <li><a href="/wiki/Insolvency_law" class="mw-redirect" title="Insolvency law">Insolvency law</a></li> <li><a href="/wiki/International_trade_law" title="International trade law">International trade law</a></li> <li><a href="/wiki/Mergers_and_acquisitions" title="Mergers and acquisitions">Mergers and acquisitions</a></li></ul></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="text-align: center;;color: var(--color-base)"><a href="/wiki/Corporate_title" title="Corporate title">Corporate title</a></div><div class="sidebar-list-content mw-collapsible-content"> <ul><li><a href="/wiki/Chairman" class="mw-redirect" title="Chairman">Chairman</a></li> <li><a href="/wiki/Chief_business_officer" title="Chief business officer">Chief business officer</a>/<a href="/wiki/Chief_brand_officer" class="mw-redirect" title="Chief brand officer">Chief brand officer</a></li> <li><a href="/wiki/Chief_executive_officer" title="Chief executive officer">Chief executive officer</a>/<a href="/wiki/Chief_operating_officer" title="Chief operating officer">Chief operating officer</a></li> <li><a href="/wiki/Chief_financial_officer" title="Chief financial officer">Chief financial officer</a></li> <li><a href="/wiki/Chief_human_resources_officer" title="Chief human resources officer">Chief human resources officer</a></li> <li><a href="/wiki/Chief_information_officer" title="Chief information officer">Chief information officer</a>/<a href="/wiki/Chief_marketing_officer" title="Chief marketing officer">Chief marketing officer</a></li> <li><a href="/wiki/Chief_product_officer" title="Chief product officer">Chief product officer</a>/<a href="/wiki/Chief_technology_officer" title="Chief technology officer">Chief technology officer</a></li></ul></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="text-align: center;;color: var(--color-base)"><a href="/wiki/Economics" title="Economics">Economics</a></div><div class="sidebar-list-content mw-collapsible-content"> <ul><li><a href="/wiki/Commodity" title="Commodity">Commodity</a></li> <li><a href="/wiki/Public_economics" title="Public economics">Public economics</a></li> <li><a href="/wiki/Labour_economics" title="Labour economics">Labour economics</a></li> <li><a href="/wiki/Development_economics" title="Development economics">Development economics</a></li> <li><a href="/wiki/International_economics" title="International economics">International economics</a></li> <li><a href="/wiki/Mixed_economy" title="Mixed economy">Mixed economy</a></li> <li><a href="/wiki/Planned_economy" title="Planned economy">Planned economy</a></li> <li><a href="/wiki/Econometrics" title="Econometrics">Econometrics</a></li> <li><a href="/wiki/Environmental_economics" title="Environmental economics">Environmental economics</a></li> <li><a href="/wiki/Open_economy" title="Open economy">Open economy</a></li> <li><a href="/wiki/Market_economy" title="Market economy">Market economy</a></li> <li><a href="/wiki/Knowledge_economy" title="Knowledge economy">Knowledge economy</a></li> <li><a href="/wiki/Microeconomics" title="Microeconomics">Microeconomics</a></li> <li><a href="/wiki/Macroeconomics" title="Macroeconomics">Macroeconomics</a></li> <li><a href="/wiki/Economic_development" title="Economic development">Economic development</a></li> <li><a href="/wiki/Economic_statistics" title="Economic statistics">Economic statistics</a></li></ul></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="text-align: center;;color: var(--color-base)">Finance</div><div class="sidebar-list-content mw-collapsible-content"> <ul><li><a href="/wiki/Financial_statement" title="Financial statement">Financial statement</a></li> <li><a href="/wiki/Insurance" title="Insurance">Insurance</a></li> <li><a href="/wiki/Factoring_(finance)" title="Factoring (finance)">Factoring</a></li> <li><a href="/wiki/Cash_conversion_cycle" title="Cash conversion cycle">Cash conversion cycle</a></li> <li><a href="/wiki/Insider_dealing" class="mw-redirect" title="Insider dealing">Insider dealing</a></li> <li><a href="/wiki/Capital_budgeting" title="Capital budgeting">Capital budgeting</a></li> <li><a href="/wiki/Commercial_bank" title="Commercial bank">Commercial bank</a></li> <li><a href="/wiki/Derivative_(finance)" title="Derivative (finance)">Derivative</a></li> <li><a href="/wiki/Financial_statement_analysis" title="Financial statement analysis">Financial statement analysis</a></li> <li><a href="/wiki/Financial_risk" title="Financial risk">Financial risk</a></li> <li><a href="/wiki/Public_finance" title="Public finance">Public finance</a></li> <li><a href="/wiki/Corporate_finance" title="Corporate finance">Corporate finance</a></li> <li><a href="/wiki/Managerial_finance" title="Managerial finance">Managerial finance</a></li> <li><a href="/wiki/International_finance" title="International finance">International finance</a></li> <li><a href="/wiki/Liquidation" title="Liquidation">Liquidation</a></li> <li><a href="/wiki/Stock_market" title="Stock market">Stock market</a></li> <li><a href="/wiki/Financial_market" title="Financial market">Financial market</a></li> <li><a href="/wiki/Tax" title="Tax">Tax</a></li> <li><a href="/wiki/Financial_institution" title="Financial institution">Financial institution</a></li> <li><a href="/wiki/Capital_management" title="Capital management">Capital management</a></li> <li><a href="/wiki/Venture_capital" title="Venture capital">Venture capital</a></li></ul></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="text-align: center;;color: var(--color-base)">Types of management</div><div class="sidebar-list-content mw-collapsible-content"> <ul><li><a href="/wiki/Asset_management" title="Asset management">Asset</a></li> <li><a href="/wiki/Brand_management" title="Brand management">Brand</a></li> <li><a href="/wiki/Business_intelligence" title="Business intelligence">Business intelligence</a></li> <li><a href="/wiki/Business_development" title="Business development">Business development</a></li> <li><a href="/wiki/Capacity_management" title="Capacity management">Capacity</a></li> <li><a href="/wiki/Capability_management_in_business" title="Capability management in business">Capability</a></li> <li><a href="/wiki/Change_management" title="Change management">Change</a> <ul><li><a href="/wiki/Innovation_management" title="Innovation management">innovation</a></li></ul></li> <li><a href="/wiki/Commercial_management" title="Commercial management">Commercial</a> <ul><li><a href="/wiki/Marketing_management" title="Marketing management">Marketing</a></li></ul></li> <li><a href="/wiki/Communications_management" title="Communications management">Communications</a></li> <li><a href="/wiki/Configuration_management" title="Configuration management">Configuration</a></li> <li><a href="/wiki/Conflict_management" title="Conflict management">Conflict</a></li> <li><a href="/wiki/Content_management" title="Content management">Content</a></li> <li><a href="/wiki/Customer_relationship_management" title="Customer relationship management">Customer relationship</a></li> <li><a href="/wiki/Distributed_management" title="Distributed management">Distributed</a></li> <li><a href="/wiki/Earned_value_management" title="Earned value management">Earned value</a></li> <li><a href="/wiki/Electronic_business" title="Electronic business">Electronic business</a></li> <li><a href="/wiki/Enterprise_resource_planning" title="Enterprise resource planning">Enterprise resource planning</a>  <ul><li><a href="/wiki/Management_information_system" title="Management information system">management information system</a></li></ul></li> <li><a href="/wiki/Financial_management" title="Financial management">Financial</a></li> <li><a href="/wiki/Human_resource_management" title="Human resource management">Human resource</a>  <ul><li><a href="/wiki/Human_resources" title="Human resources">development</a></li></ul></li> <li><a href="/wiki/Incident_management" title="Incident management">Incident</a></li> <li><a href="/wiki/Knowledge_management" title="Knowledge management">Knowledge</a></li> <li><a href="/wiki/Enterprise_legal_management" title="Enterprise legal management">Legal</a></li> <li><a href="/wiki/Materials_management" title="Materials management">Materials</a></li> <li><a href="/wiki/Network_management" title="Network management">Network</a> <ul><li><a href="/wiki/Network_administrator" title="Network administrator">administrator</a></li></ul></li> <li><a href="/wiki/Office_management" title="Office management">Office</a></li> <li><a href="/wiki/Operations_management" title="Operations management">Operations</a>  <ul><li><a href="/wiki/Operations_management_for_services" title="Operations management for services">services</a></li></ul></li> <li><a href="/wiki/Performance_management" class="mw-redirect" title="Performance management">Performance</a></li> <li><a href="/wiki/Power_management" title="Power management">Power</a></li> <li><a href="/wiki/Business_process_management" title="Business process management">Process</a></li> <li><a href="/wiki/Product_life-cycle_management" class="mw-redirect" title="Product life-cycle management">Product life-cycle</a></li> <li><a href="/wiki/Product_management" title="Product management">Product</a></li> <li><a href="/wiki/Project_management" title="Project management">Project</a></li> <li><a href="/wiki/Property_management" title="Property management">Property</a></li> <li><a href="/wiki/Quality_management" title="Quality management">Quality</a></li> <li><a href="/wiki/Records_management" title="Records management">Records</a></li> <li><a href="/wiki/Resource_management" title="Resource management">Resource</a></li> <li><a href="/wiki/Risk_management" title="Risk management">Risk</a>  <ul><li><a href="/wiki/Crisis_management" title="Crisis management">crisis</a></li></ul></li> <li><a href="/wiki/Sales_management" title="Sales management">Sales</a></li> <li><a href="/wiki/Security_management" title="Security management">Security</a></li> <li><a href="/wiki/Service_management" title="Service management">Service</a></li> <li><a href="/wiki/Strategic_management" title="Strategic management">Strategic</a></li> <li><a href="/wiki/Supply_chain_management" title="Supply chain management">Supply chain</a></li> <li><a href="/wiki/Systems_management" title="Systems management">Systems</a> <ul><li><a href="/wiki/System_administrator" title="System administrator">administrator</a></li></ul></li> <li><a href="/wiki/Talent_management" title="Talent management">Talent</a></li> <li><a href="/wiki/Technology_management" title="Technology management">Technology</a></li></ul></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="text-align: center;;color: var(--color-base)">Organization</div><div class="sidebar-list-content mw-collapsible-content"> <ul><li><a href="/wiki/Organizational_architecture" title="Organizational architecture">Architecture</a></li> <li><a href="/wiki/Organizational_behavior" title="Organizational behavior">Behavior</a></li> <li><a href="/wiki/Organizational_communication" title="Organizational communication">Communication</a></li> <li><a href="/wiki/Organizational_culture" title="Organizational culture">Culture</a></li> <li><a href="/wiki/Organizational_conflict" title="Organizational conflict">Conflict</a></li> <li><a href="/wiki/Organization_development" title="Organization development">Development</a></li> <li><a href="/wiki/Organizational_engineering" title="Organizational engineering">Engineering</a></li> <li><a href="/wiki/Hierarchical_organization" title="Hierarchical organization">Hierarchy</a></li> <li><a href="/wiki/Organizational_patterns" title="Organizational patterns">Patterns</a></li> <li><a href="/wiki/Organizational_space" title="Organizational space">Space</a></li> <li><a href="/wiki/Organizational_structure" title="Organizational structure">Structure</a></li></ul></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="text-align: center;;color: var(--color-base)"><a href="/wiki/Trade" title="Trade">Trade</a></div><div class="sidebar-list-content mw-collapsible-content"> <ul><li><a href="/wiki/Business_analysis" title="Business analysis">Business analysis</a></li> <li><a href="/wiki/Business_ethics" title="Business ethics">Business ethics</a></li> <li><a href="/wiki/Business_plan" title="Business plan">Business plan</a></li> <li><a href="/wiki/Business_judgment_rule" title="Business judgment rule">Business judgment rule</a></li> <li><a href="/wiki/Consumer_behaviour" title="Consumer behaviour">Consumer behaviour</a></li> <li><a href="/wiki/Business_operations" title="Business operations">Business operations</a></li> <li><a href="/wiki/International_business" title="International business">International business</a></li> <li><a href="/wiki/Business_model" title="Business model">Business model</a></li> <li><a href="/wiki/International_trade" title="International trade">International trade</a> <ul><li><a href="/wiki/Trade_route" title="Trade route">Trade route</a></li></ul></li> <li><a href="/wiki/Business_process" title="Business process">Business process</a></li> <li><a href="/wiki/Business_statistics" class="mw-redirect" title="Business statistics">Business statistics</a></li></ul></div></div></td> </tr><tr><td class="sidebar-below"> <ul><li><span class="nowrap"><span class="noviewer" typeof="mw:File"><a href="/wiki/File:Emblem-money.svg" class="mw-file-description"><img alt="icon" src="//upload.wikimedia.org/wikipedia/commons/thumb/f/f3/Emblem-money.svg/16px-Emblem-money.svg.png" decoding="async" width="16" height="16" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/f/f3/Emblem-money.svg/24px-Emblem-money.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/f/f3/Emblem-money.svg/32px-Emblem-money.svg.png 2x" data-file-width="48" data-file-height="48" /></a></span> </span><a href="/wiki/Portal:Business_and_economics" class="mw-redirect" title="Portal:Business and economics">Business and economics portal</a></li></ul></td></tr><tr><td class="sidebar-navbar"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1239400231"><div class="navbar plainlinks hlist navbar-mini"><ul><li class="nv-view"><a href="/wiki/Template:Business_administration" title="Template:Business administration"><abbr title="View this template">v</abbr></a></li><li class="nv-talk"><a href="/wiki/Template_talk:Business_administration" title="Template talk:Business administration"><abbr title="Discuss this template">t</abbr></a></li><li class="nv-edit"><a href="/wiki/Special:EditPage/Template:Business_administration" title="Special:EditPage/Template:Business administration"><abbr title="Edit this template">e</abbr></a></li></ul></div></td></tr></tbody></table> <p>A <b>limited liability company</b> (<b>LLC</b>) is the <a href="/wiki/United_States" title="United States">United States</a>-specific form of a <a href="/wiki/Private_limited_company" title="Private limited company">private limited company</a>. It is a <a href="/wiki/Business" title="Business">business</a> structure that can combine the <a href="/wiki/Flow-through_entity" title="Flow-through entity">pass-through taxation</a> of a <a href="/wiki/Partnership" title="Partnership">partnership</a> or <a href="/wiki/Sole_proprietorship" title="Sole proprietorship">sole proprietorship</a> with the <a href="/wiki/Limited_liability" title="Limited liability">limited liability</a> of a <a href="/wiki/Corporation" title="Corporation">corporation</a>.<sup id="cite_ref-1" class="reference"><a href="#cite_note-1"><span class="cite-bracket">[</span>1<span class="cite-bracket">]</span></a></sup> An LLC is not a <a href="/wiki/Corporation" title="Corporation">corporation</a> under the laws of every state; it is a legal form of a <a href="/wiki/Company" title="Company">company</a> that provides limited liability to its owners in many jurisdictions. LLCs are well known for the flexibility that they provide to business owners; depending on the situation, an LLC may elect to use corporate tax rules instead of being treated as a partnership,<sup id="cite_ref-2" class="reference"><a href="#cite_note-2"><span class="cite-bracket">[</span>2<span class="cite-bracket">]</span></a></sup> and, under certain circumstances, LLCs may be organized as not-for-profit.<sup id="cite_ref-3" class="reference"><a href="#cite_note-3"><span class="cite-bracket">[</span>3<span class="cite-bracket">]</span></a></sup> In certain U.S. states (for example, Texas), businesses that provide professional services requiring a state professional license, such as <a href="/wiki/Law_firm" title="Law firm">legal</a> or <a href="/wiki/Medical_services" class="mw-redirect" title="Medical services">medical services</a>, may not be allowed to form an LLC but may be required to form a similar entity called a <b>professional limited liability company</b> (<b>PLLC</b>).<sup id="cite_ref-accountingtoday_4-0" class="reference"><a href="#cite_note-accountingtoday-4"><span class="cite-bracket">[</span>4<span class="cite-bracket">]</span></a></sup> </p><p>An LLC is a hybrid <a href="/wiki/Legal_person" title="Legal person">legal entity</a> having certain characteristics of both a corporation and a partnership or sole proprietorship (depending on how many owners there are). An LLC is a type of <a href="/wiki/Voluntary_association" title="Voluntary association">unincorporated association</a>, distinct from a corporation. The primary characteristic an LLC shares with a corporation is <a href="/wiki/Limited_liability" title="Limited liability">limited liability</a>, and the primary characteristic it shares with a partnership is the availability of <a href="/wiki/Flow-through_entity" title="Flow-through entity">pass-through</a> <a href="/wiki/Taxation_in_the_United_States" title="Taxation in the United States">income taxation</a>. As a business entity, an LLC is often more flexible than a corporation and may be well-suited for companies with a single owner.<sup id="cite_ref-5" class="reference"><a href="#cite_note-5"><span class="cite-bracket">[</span>5<span class="cite-bracket">]</span></a></sup> </p><p>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. When an LLC is formed, it is said to be "organized", not "incorporated" or "chartered", and its founding document is likewise known as its "<a href="/wiki/Articles_of_organization" title="Articles of organization">articles of organization</a>", instead of its "<a href="/wiki/Articles_of_incorporation" class="mw-redirect" title="Articles of incorporation">articles of incorporation</a>" or its "corporate charter". Internal operations of an LLC are further governed by its "<a href="/wiki/Operating_agreement" title="Operating agreement">operating agreement</a>". An owner of an LLC is called a "member", rather than a "<a href="/wiki/Shareholder" title="Shareholder">shareholder</a>".<sup id="cite_ref-6" class="reference"><a href="#cite_note-6"><span class="cite-bracket">[</span>6<span class="cite-bracket">]</span></a></sup> Additionally, <a href="/wiki/Ownership" title="Ownership">ownership</a> in an LLC is represented by a "membership interest" or an "LLC interest" (sometimes measured in "membership units" or just "units" and at other times simply stated only as <a href="/wiki/Percentage" title="Percentage">percentages</a>), rather than represented by "<a href="/wiki/Share_(finance)" title="Share (finance)">shares of stock</a>" or just "shares" (with ownership measured by the number of shares held by each shareholder). Similarly, when issued in physical rather than electronic form, a document evidencing ownership rights in an LLC is called a "membership certificate" rather than a "stock certificate."<sup id="cite_ref-7" class="reference"><a href="#cite_note-7"><span class="cite-bracket">[</span>7<span class="cite-bracket">]</span></a></sup> </p><p>In the absence of express statutory guidance, most American courts have held that LLC members are subject to the same common law alter ego <a href="/wiki/Piercing_the_corporate_veil" title="Piercing the corporate veil">piercing theories</a> as corporate shareholders.<sup id="cite_ref-8" class="reference"><a href="#cite_note-8"><span class="cite-bracket">[</span>8<span class="cite-bracket">]</span></a></sup> However, it is more difficult to pierce the LLC veil because LLCs do not have many formalities to maintain. As long as the LLC and the members do not <a href="/wiki/Commingling" title="Commingling">commingle</a> funds, it is difficult to pierce the LLC veil.<sup id="cite_ref-9" class="reference"><a href="#cite_note-9"><span class="cite-bracket">[</span>9<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-10" class="reference"><a href="#cite_note-10"><span class="cite-bracket">[</span>10<span class="cite-bracket">]</span></a></sup> Membership interests in LLCs and partnership interests are also afforded a significant level of protection through the <a href="/wiki/Charging_order" title="Charging order">charging order</a> mechanism. The charging order limits the creditor of a debtor-partner or a debtor-member to the debtor's share of distributions, without conferring on the creditor any voting or management rights.<sup id="cite_ref-11" class="reference"><a href="#cite_note-11"><span class="cite-bracket">[</span>11<span class="cite-bracket">]</span></a></sup> </p><p>Limited liability company members may, in certain circumstances, also incur a personal liability in cases where distributions to members render the LLC insolvent.<sup id="cite_ref-12" class="reference"><a href="#cite_note-12"><span class="cite-bracket">[</span>12<span class="cite-bracket">]</span></a></sup> </p> <meta property="mw:PageProp/toc" /> <div class="mw-heading mw-heading2"><h2 id="History">History</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Limited_liability_company&action=edit&section=1" title="Edit section: History"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>The first state to enact a law authorizing the creation of limited liability companies was <a href="/wiki/Wyoming" title="Wyoming">Wyoming</a> in 1977.<sup id="cite_ref-Borden_13-0" class="reference"><a href="#cite_note-Borden-13"><span class="cite-bracket">[</span>13<span class="cite-bracket">]</span></a></sup> The law was a project of the <a href="/wiki/Frederic_C._Hamilton" title="Frederic C. Hamilton">Hamilton Brothers Oil Company</a>, which sought to organize its business in the United States with liability and tax advantages similar to those it had obtained in <a href="/wiki/Panama" title="Panama">Panama</a>.<sup id="cite_ref-Hamill_14-0" class="reference"><a href="#cite_note-Hamill-14"><span class="cite-bracket">[</span>14<span class="cite-bracket">]</span></a></sup> </p><p>From 1960 to 1997, the classification of unincorporated business associations for the purpose of U.S. federal income tax law was governed by the "<i>Kintner</i> regulations", which were named after the prevailing taxpayer<sup id="cite_ref-15" class="reference"><a href="#cite_note-15"><span class="cite-bracket">[</span>15<span class="cite-bracket">]</span></a></sup> in the 1954 legal precedent of that name.<sup id="cite_ref-Field_16-0" class="reference"><a href="#cite_note-Field-16"><span class="cite-bracket">[</span>16<span class="cite-bracket">]</span></a></sup> As promulgated by the <a href="/wiki/Internal_Revenue_Service" title="Internal Revenue Service">Internal Revenue Service</a> (IRS) in 1960, the <i>Kintner</i> regulations set forth a complex six-factor test for determining whether such business associations would be taxed as corporations or partnerships.<sup id="cite_ref-Field_16-1" class="reference"><a href="#cite_note-Field-16"><span class="cite-bracket">[</span>16<span class="cite-bracket">]</span></a></sup> Some of these factors had equal significance, so that the presence of only half of them would result in classification as a partnership. Accordingly, the <a href="/wiki/Wyoming_Legislature" title="Wyoming Legislature">Wyoming Legislature</a> tailored its statute to grant LLCs particular corporate features without exceeding this threshold.<sup id="cite_ref-Borden_13-1" class="reference"><a href="#cite_note-Borden-13"><span class="cite-bracket">[</span>13<span class="cite-bracket">]</span></a></sup> </p><p>For several years, other states were slow to adopt the LLC form because it was unclear how the IRS and courts would apply the <i>Kintner</i> regulations to it. After the IRS finally decided in 1988 in Revenue Ruling 88-76 that Wyoming LLCs were taxable as partnerships,<sup id="cite_ref-Field_16-2" class="reference"><a href="#cite_note-Field-16"><span class="cite-bracket">[</span>16<span class="cite-bracket">]</span></a></sup> other states began to take the LLC seriously and enacted their own LLC statutes.<sup id="cite_ref-Borden_13-2" class="reference"><a href="#cite_note-Borden-13"><span class="cite-bracket">[</span>13<span class="cite-bracket">]</span></a></sup> By 1996, all 50 states and the District of Columbia had LLC statutes.<sup id="cite_ref-17" class="reference"><a href="#cite_note-17"><span class="cite-bracket">[</span>17<span class="cite-bracket">]</span></a></sup> In 1995, the IRS came to the conclusion that the widespread enactment of LLC statutes had undermined the <i>Kintner</i> regulations, and in 1996 it promulgated new regulations establishing a so-called "check the box" (CTB) <a href="/wiki/Entity_classification_election" title="Entity classification election">entity classification election</a> system that went into effect throughout the United States on January 1, 1997.<sup id="cite_ref-Field_16-3" class="reference"><a href="#cite_note-Field-16"><span class="cite-bracket">[</span>16<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="Flexibility_and_default_rules">Flexibility and default rules</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Limited_liability_company&action=edit&section=2" title="Edit section: Flexibility and default rules"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>LLCs are subject to fewer regulations than traditional corporations, and thus may allow members to create a more flexible management structure than is possible with other corporate forms. As long as the LLC remains within the confines of state law, the operating agreement is responsible for the flexibility the members of the LLC have in deciding how their LLC will be governed.<sup id="cite_ref-18" class="reference"><a href="#cite_note-18"><span class="cite-bracket">[</span>18<span class="cite-bracket">]</span></a></sup> State statutes typically provide automatic or "default" rules for how an LLC will be governed unless the operating agreement provides otherwise, as permitted by statute in the state where the LLC was organized. </p><p>The limited liability company has grown to become one of the most prevalent business forms in the United States. Even the use of a single member LLC affords greater protection for the assets of the member, as compared to operating as an unincorporated entity.<sup id="cite_ref-19" class="reference"><a href="#cite_note-19"><span class="cite-bracket">[</span>19<span class="cite-bracket">]</span></a></sup> </p><p>Effective August 1, 2013, the Delaware Limited Liability Company Act provides that the managers and controlling members of a Delaware-domiciled limited liability company owe fiduciary duties of care and loyalty to the limited liability company and its members. Under the amendment (prompted by the Delaware Supreme Court's decision in <i>Gatz Properties, LLC v. Auriga Capital Corp</i>),<i><sup id="cite_ref-20" class="reference"><a href="#cite_note-20"><span class="cite-bracket">[</span>20<span class="cite-bracket">]</span></a></sup></i> parties to an LLC remain free to expand, restrict, or eliminate fiduciary duties in their LLC agreements (subject to the implied covenant of good faith and fair dealing).<sup id="cite_ref-21" class="reference"><a href="#cite_note-21"><span class="cite-bracket">[</span>21<span class="cite-bracket">]</span></a></sup> </p><p>Under 6 Del. C. Section 18-101(7), a Delaware LLC operating agreement can be written, oral or implied. It sets forth member capital contributions, ownership percentages, and management structure. Like a prenuptial agreement, an operating agreement can avoid future disputes between members by addressing buy-out rights, valuation formulas, and transfer restrictions. The written LLC operating agreement should be signed by all of its members.<sup id="cite_ref-22" class="reference"><a href="#cite_note-22"><span class="cite-bracket">[</span>22<span class="cite-bracket">]</span></a></sup> </p><p>Like a <a href="/wiki/Corporation" title="Corporation">corporation</a>, LLCs are required to register in the states they are "conducting (or transacting) business". Each state has different standards and rules defining what "transacting business" means, and as a consequence, navigating what is required can be quite confusing for small business owners. Simply forming an LLC in any state may not be enough to meet legal requirements, and specifically, if an LLC is formed in one state, but the owner (or owners) are located in another state (or states), or an employee is located in another state, or the LLC's base of operations is located in another state, the LLC may need to register as a <a href="/wiki/Foreign_corporation" title="Foreign corporation">foreign LLC</a> in the other states it is "transacting business".<sup id="cite_ref-23" class="reference"><a href="#cite_note-23"><span class="cite-bracket">[</span>23<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="Income_tax">Income tax</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Limited_liability_company&action=edit&section=3" title="Edit section: Income tax"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>For U.S. federal income tax purposes, an LLC is treated by default as a pass-through entity.<sup id="cite_ref-24" class="reference"><a href="#cite_note-24"><span class="cite-bracket">[</span>24<span class="cite-bracket">]</span></a></sup> If there is only one member in the company, the LLC is treated as a "disregarded entity" for tax purposes (unless another tax status is elected), and an individual owner would report the LLC's income or loss on <a href="/wiki/Form_1040#1040" title="Form 1040">Schedule C</a> of his or her individual tax return. Thus, income from the LLC is taxed at the individual tax rates. The default tax status for LLCs with multiple members is as a partnership, which is required to report income and loss on <a href="/wiki/Internal_Revenue_Service" title="Internal Revenue Service">IRS</a> Form 1065. Under partnership tax treatment, each member of the LLC, as is the case for all partners of a partnership, annually receives a Form K-1 reporting the member's distributive share of the LLC's income or loss that is then reported on the member's individual income tax return.<sup id="cite_ref-25" class="reference"><a href="#cite_note-25"><span class="cite-bracket">[</span>25<span class="cite-bracket">]</span></a></sup> On the other hand, income from corporations is taxed twice: once at the corporate entity level and again when distributed to shareholders. Thus, more tax savings often result if a business formed as an LLC rather than a corporation.<sup id="cite_ref-26" class="reference"><a href="#cite_note-26"><span class="cite-bracket">[</span>26<span class="cite-bracket">]</span></a></sup> </p><p>An LLC with either single or multiple members may elect to be taxed as a corporation through the filing of IRS Form 8832.<sup id="cite_ref-27" class="reference"><a href="#cite_note-27"><span class="cite-bracket">[</span>27<span class="cite-bracket">]</span></a></sup> After electing corporate tax status, an LLC may further elect to be treated as a regular <a href="/wiki/C_corporation" title="C corporation">C corporation</a> (taxation of the entity's income prior to any dividends or distributions to the members and then taxation of the <a href="/wiki/Dividend" title="Dividend">dividends</a> or distributions once received as income by the members) or as an <a href="/wiki/S_corporation" title="S corporation">S corporation</a> (entity level income and loss passes through to the members). Some commentators have recommended an LLC taxed as an S-corporation as the best possible <a href="/wiki/Small_business" title="Small business">small business</a> structure. It combines the simplicity and flexibility of an LLC with the tax benefits of an S-corporation (self-employment tax savings).<sup id="cite_ref-28" class="reference"><a href="#cite_note-28"><span class="cite-bracket">[</span>28<span class="cite-bracket">]</span></a></sup> </p><p>Some legal scholars argue that corporate income taxes are intended to limit the power of corporations and to offset the legal benefits corporations enjoy, such as limited liability for their investors.<sup id="cite_ref-29" class="reference"><a href="#cite_note-29"><span class="cite-bracket">[</span>29<span class="cite-bracket">]</span></a></sup> There is concern that LLCs, by combining limited liability with no entity-level taxation, could contribute to excessive risk-taking and harm to third parties.<sup id="cite_ref-30" class="reference"><a href="#cite_note-30"><span class="cite-bracket">[</span>30<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-31" class="reference"><a href="#cite_note-31"><span class="cite-bracket">[</span>31<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="Advantages">Advantages</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Limited_liability_company&action=edit&section=4" title="Edit section: Advantages"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <style data-mw-deduplicate="TemplateStyles:r1251242444">.mw-parser-output .ambox{border:1px solid #a2a9b1;border-left:10px solid #36c;background-color:#fbfbfb;box-sizing:border-box}.mw-parser-output .ambox+link+.ambox,.mw-parser-output .ambox+link+style+.ambox,.mw-parser-output .ambox+link+link+.ambox,.mw-parser-output .ambox+.mw-empty-elt+link+.ambox,.mw-parser-output .ambox+.mw-empty-elt+link+style+.ambox,.mw-parser-output .ambox+.mw-empty-elt+link+link+.ambox{margin-top:-1px}html body.mediawiki .mw-parser-output .ambox.mbox-small-left{margin:4px 1em 4px 0;overflow:hidden;width:238px;border-collapse:collapse;font-size:88%;line-height:1.25em}.mw-parser-output .ambox-speedy{border-left:10px solid #b32424;background-color:#fee7e6}.mw-parser-output .ambox-delete{border-left:10px solid #b32424}.mw-parser-output .ambox-content{border-left:10px solid #f28500}.mw-parser-output .ambox-style{border-left:10px solid #fc3}.mw-parser-output .ambox-move{border-left:10px solid #9932cc}.mw-parser-output .ambox-protection{border-left:10px solid #a2a9b1}.mw-parser-output .ambox .mbox-text{border:none;padding:0.25em 0.5em;width:100%}.mw-parser-output .ambox .mbox-image{border:none;padding:2px 0 2px 0.5em;text-align:center}.mw-parser-output .ambox .mbox-imageright{border:none;padding:2px 0.5em 2px 0;text-align:center}.mw-parser-output .ambox .mbox-empty-cell{border:none;padding:0;width:1px}.mw-parser-output .ambox .mbox-image-div{width:52px}@media(min-width:720px){.mw-parser-output .ambox{margin:0 10%}}@media print{body.ns-0 .mw-parser-output .ambox{display:none!important}}</style><table class="box-Original_research plainlinks metadata ambox ambox-content ambox-Original_research" role="presentation"><tbody><tr><td class="mbox-image"><div class="mbox-image-div"><span typeof="mw:File"><span><img alt="" src="//upload.wikimedia.org/wikipedia/en/thumb/b/b4/Ambox_important.svg/40px-Ambox_important.svg.png" decoding="async" width="40" height="40" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/b/b4/Ambox_important.svg/60px-Ambox_important.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/b/b4/Ambox_important.svg/80px-Ambox_important.svg.png 2x" data-file-width="40" data-file-height="40" /></span></span></div></td><td class="mbox-text"><div class="mbox-text-span">This section <b>possibly contains <a href="/wiki/Wikipedia:No_original_research" title="Wikipedia:No original research">original research</a></b>.<span class="hide-when-compact"> Please <a class="external text" href="https://en.wikipedia.org/w/index.php?title=Limited_liability_company&action=edit">improve it</a> by <a href="/wiki/Wikipedia:Verifiability" title="Wikipedia:Verifiability">verifying</a> the claims made and adding <a href="/wiki/Wikipedia:Citing_sources#Inline_citations" title="Wikipedia:Citing sources">inline citations</a>. Statements consisting only of original research should be removed.</span> <span class="date-container"><i>(<span class="date">February 2021</span>)</i></span><span class="hide-when-compact"><i> (<small><a href="/wiki/Help:Maintenance_template_removal" title="Help:Maintenance template removal">Learn how and when to remove this message</a></small>)</i></span></div></td></tr></tbody></table> <ul><li>Choice of <a href="/wiki/Entity_classification_election" title="Entity classification election">tax regime</a>. An LLC can elect to be taxed as a <a href="/wiki/Sole_proprietor" class="mw-redirect" title="Sole proprietor">sole proprietor</a>, partnership, <a href="/wiki/S_corporation" title="S corporation">S corporation</a> or C corporation (as long as they would otherwise qualify for such tax treatment), providing for a great deal of flexibility.</li> <li>A limited liability company with multiple members that elects to be taxed as partnership may specially allocate the members' distributive share of income, gain, loss, deduction, or credit via the company operating agreement on a basis other than the ownership percentage of each member.<sup id="cite_ref-33" class="reference"><a href="#cite_note-33"><span class="cite-bracket">[</span>a<span class="cite-bracket">]</span></a></sup> S corporations may not specially allocate profits, losses and other tax items under US tax law.</li> <li>The owners of the LLC, called members, are protected from some or all liability for acts and debts of the LLC, depending on state shield laws.</li> <li>In the United States, an S corporation is limited to 100 shareholders,<sup id="cite_ref-37" class="reference"><a href="#cite_note-37"><span class="cite-bracket">[</span>b<span class="cite-bracket">]</span></a></sup> and all of them must be U.S. tax residents.<sup id="cite_ref-42" class="reference"><a href="#cite_note-42"><span class="cite-bracket">[</span>c<span class="cite-bracket">]</span></a></sup> An LLC may have an unlimited number of members, and there is no citizenship restriction.</li> <li>Much less administrative paperwork and record-keeping than a corporation.</li> <li><a href="/wiki/Flow-through_entity" title="Flow-through entity">Pass-through taxation</a> (i.e., no <a href="/wiki/Double_taxation" title="Double taxation">double taxation</a>), unless the LLC elects to be taxed as a C corporation.</li> <li>Using default tax classification, <a href="/wiki/Profit_(accounting)" title="Profit (accounting)">profits</a> are taxed personally at the member level, not at the LLC level.</li> <li>LLCs in most states are treated as entities separate from their members. However, in some jurisdictions such as Connecticut, case law has determined that owners were not required to plead facts sufficient to pierce the corporate veil and LLC members can be personally liable for operation of the LLC) (see, for example, the case of <i>Sturm v. Harb Development</i><sup id="cite_ref-43" class="reference"><a href="#cite_note-43"><span class="cite-bracket">[</span>40<span class="cite-bracket">]</span></a></sup></li> <li>LLCs in some states can be set up with just one <a href="/wiki/Natural_person" title="Natural person">natural person</a> involved.</li> <li>Less risk of being "stolen" by fire-sale acquisitions (more protection against "hungry" <a href="/wiki/Investor" title="Investor">investors</a>).</li> <li>For some business ventures, such as real estate investment, each property can be owned by a separate LLC, thereby shielding the owners and their other properties from cross-liability.<sup id="cite_ref-44" class="reference"><a href="#cite_note-44"><span class="cite-bracket">[</span>41<span class="cite-bracket">]</span></a></sup></li> <li>Flexible membership: Members of an LLC may include individuals, partnerships, trusts, estates, organizations, or other business entities,<sup id="cite_ref-45" class="reference"><a href="#cite_note-45"><span class="cite-bracket">[</span>42<span class="cite-bracket">]</span></a></sup> and most states do not limit the type or number of members.<sup id="cite_ref-46" class="reference"><a href="#cite_note-46"><span class="cite-bracket">[</span>43<span class="cite-bracket">]</span></a></sup></li></ul> <div class="mw-heading mw-heading2"><h2 id="Disadvantages">Disadvantages</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Limited_liability_company&action=edit&section=5" title="Edit section: Disadvantages"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1251242444"><table class="box-Original_research plainlinks metadata ambox ambox-content ambox-Original_research" role="presentation"><tbody><tr><td class="mbox-image"><div class="mbox-image-div"><span typeof="mw:File"><span><img alt="" src="//upload.wikimedia.org/wikipedia/en/thumb/b/b4/Ambox_important.svg/40px-Ambox_important.svg.png" decoding="async" width="40" height="40" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/b/b4/Ambox_important.svg/60px-Ambox_important.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/b/b4/Ambox_important.svg/80px-Ambox_important.svg.png 2x" data-file-width="40" data-file-height="40" /></span></span></div></td><td class="mbox-text"><div class="mbox-text-span">This section <b>possibly contains <a href="/wiki/Wikipedia:No_original_research" title="Wikipedia:No original research">original research</a></b>.<span class="hide-when-compact"> Please <a class="external text" href="https://en.wikipedia.org/w/index.php?title=Limited_liability_company&action=edit">improve it</a> by <a href="/wiki/Wikipedia:Verifiability" title="Wikipedia:Verifiability">verifying</a> the claims made and adding <a href="/wiki/Wikipedia:Citing_sources#Inline_citations" title="Wikipedia:Citing sources">inline citations</a>. Statements consisting only of original research should be removed.</span> <span class="date-container"><i>(<span class="date">February 2021</span>)</i></span><span class="hide-when-compact"><i> (<small><a href="/wiki/Help:Maintenance_template_removal" title="Help:Maintenance template removal">Learn how and when to remove this message</a></small>)</i></span></div></td></tr></tbody></table> <p>Although there is no statutory requirement for an <a href="/wiki/Operating_agreement" title="Operating agreement">operating agreement</a> in most jurisdictions, members of a multiple member LLC who operate without one may encounter problems. Unlike state laws regarding stock corporations, which are very well developed and provide for a variety of governance and protective provisions for the corporation and its shareholders, most states do not dictate detailed governance and protective provisions for the members of a limited liability company. In the absence of such statutory provisions, members of an LLC must establish governance and protective provisions pursuant to an operating agreement or similar governing document. </p> <ul><li>It may be more difficult to raise <a href="/wiki/Financial_capital" title="Financial capital">financial capital</a> for an LLC as investors may be more comfortable investing funds in the better-understood corporate form with a view toward an eventual <a href="/wiki/Initial_public_offering" title="Initial public offering">IPO</a>. One possible solution may be to form a new corporation and merge into it, dissolving the LLC and converting into a corporation.</li> <li>Many jurisdictions—including <a href="/wiki/Alabama" title="Alabama">Alabama</a>, <a href="/wiki/California" title="California">California</a>, <a href="/wiki/Kentucky" title="Kentucky">Kentucky</a>, <a href="/wiki/Maryland" title="Maryland">Maryland</a>, <a href="/wiki/New_York_(state)" title="New York (state)">New York</a>, <a href="/wiki/Pennsylvania" title="Pennsylvania">Pennsylvania</a>, <a href="/wiki/Tennessee" title="Tennessee">Tennessee</a>, and <a href="/wiki/Texas" title="Texas">Texas</a>—levy a <a href="/wiki/Franchise_tax" title="Franchise tax">franchise tax</a> or capital values tax on LLCs. In essence, this franchise or business privilege tax is the fee the LLC pays the state for the benefit of limited liability. The franchise tax can be an amount based on revenue, an amount based on profits, or an amount based on the number of owners or the amount of capital employed in the state, or some combination of those factors, or simply a flat fee, as in Delaware. <ul><li>Effective in Texas for 2007 the franchise tax is replaced with the Texas Business Margin Tax. This is paid as: tax payable = revenues minus some expenses with an apportionment factor. In most states, however, the fee is nominal and only a handful charge a tax comparable to the tax imposed on corporations.</li> <li>In <a href="/wiki/California" title="California">California</a>, both foreign and domestic LLCs, corporations, and trusts, whether for-profit or non-profit—unless the entity is tax exempt—must at least pay a minimum income tax of $800 per year to the Franchise Tax Board; and no foreign LLC, corporation or trust may conduct business in California unless it is duly registered with the California Secretary of State.</li></ul></li> <li>Renewal fees may also be higher. <a href="/wiki/Maryland" title="Maryland">Maryland</a>, for example, charges a stock or nonstock corporation $120 for the initial charter, and $100 for an LLC. The fee for filing the annual report the following year is $300 for stock-corporations and LLCs. The fee is zero for non-stock corporations. In addition, certain states, such as New York, impose a publication requirement upon formation of the LLC which requires that the members of the LLC publish a notice in newspapers in the geographic region that the LLC will be located that it is being formed. For LLCs located in major metropolitan areas (e.g., New York City), the cost of publication can be significant.</li> <li>The management structure of an LLC may not be clearly stated. Unlike corporations, they are not required to have a board of directors or officers (this could also be seen as an advantage to some).</li> <li>Taxing jurisdictions outside the US are likely to treat a US LLC as a corporation, regardless of its treatment for US tax purposes—for example a US LLC doing business outside the US or as a resident of a foreign jurisdiction.<sup id="cite_ref-47" class="reference"><a href="#cite_note-47"><span class="cite-bracket">[</span>44<span class="cite-bracket">]</span></a></sup> This is very likely where the country (such as Canada) does not recognize LLCs as an authorized form of business entity in that country.</li> <li>The principals of LLCs use many different titles—e.g., member, manager, managing member, managing director, chief executive officer, president, and partner. As such, it can be difficult to determine who actually has the authority to enter into a contract on the LLC's behalf.</li></ul> <div class="mw-heading mw-heading2"><h2 id="Variations">Variations</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Limited_liability_company&action=edit&section=6" title="Edit section: Variations"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <ul><li>A professional limited liability company (usually shortened as PLLC, P.L.L.C., or P.L., sometimes PLC, standing for professional limited company – not to be confused with <a href="/wiki/Public_limited_company" title="Public limited company">public limited company</a>) is a limited liability company organized for the purpose of providing professional services. Usually, professions where the state requires a license to provide services, such as a <a href="/wiki/Physician" title="Physician">doctor</a>, <a href="/wiki/Chiropractor" class="mw-redirect" title="Chiropractor">chiropractor</a>, <a href="/wiki/Lawyer" title="Lawyer">lawyer</a>, <a href="/wiki/Accountant" title="Accountant">accountant</a>, <a href="/wiki/Architect" title="Architect">architect</a>, <a href="/wiki/Landscape_architect" title="Landscape architect">landscape architect</a>, or <a href="/wiki/Engineer" title="Engineer">engineer</a>, require the formation of a PLLC.<sup id="cite_ref-accountingtoday_4-1" class="reference"><a href="#cite_note-accountingtoday-4"><span class="cite-bracket">[</span>4<span class="cite-bracket">]</span></a></sup> However, some states, such as California, do not permit LLCs to engage in the practice of a licensed profession. Exact requirements of PLLCs vary from state to state. Typically, a PLLC's members must all be professionals practicing the same profession. In addition, the limitation of personal liability of members does not extend to professional malpractice claims.</li></ul> <ul><li>A <a href="/wiki/Series_LLC" title="Series LLC">series LLC</a> is a special form of a limited liability company that allows a single LLC to segregate its assets into separate series. For example, a series LLC that purchases separate pieces of real estate may put each in a separate series so if the lender forecloses on one piece of property, the others are not affected.</li></ul> <ul><li>An <a href="/wiki/Low-profit_limited_liability_company" title="Low-profit limited liability company">L3C</a> is a for-profit, social enterprise venture that has a stated goal of performing a socially beneficial purpose, not maximizing income. It is a hybrid structure that combines the legal and tax flexibility of a traditional LLC, the social benefits of a nonprofit organization, and the branding and market positioning advantages of a social enterprise.</li></ul> <ul><li>An anonymous limited liability company is an LLC for which ownership information is not made publicly available by the state.<sup id="cite_ref-48" class="reference"><a href="#cite_note-48"><span class="cite-bracket">[</span>45<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-watson_49-0" class="reference"><a href="#cite_note-watson-49"><span class="cite-bracket">[</span>46<span class="cite-bracket">]</span></a></sup> Anonymity is possible in states that do not require the public disclosure of legal ownership of an LLC, or where an LLC's identified legal owners are another anonymous company.<sup id="cite_ref-watson_49-1" class="reference"><a href="#cite_note-watson-49"><span class="cite-bracket">[</span>46<span class="cite-bracket">]</span></a></sup></li></ul> <div class="mw-heading mw-heading2"><h2 id="See_also">See also</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Limited_liability_company&action=edit&section=7" title="Edit section: See also"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <ul><li><span title="Dutch-language text"><i lang="nl"><a href="/wiki/Besloten_vennootschap" title="Besloten vennootschap">Besloten vennootschap</a></i></span>, a Belgian and Dutch private limited company</li> <li><span title="French-language text"><i lang="fr"><a href="/wiki/Soci%C3%A9t%C3%A9_%C3%A0_responsabilit%C3%A9_limit%C3%A9e" title="Société à responsabilité limitée">Société à responsabilité limitée</a></i></span>, the equivalent in French-speaking countries</li> <li><span title="German-language text"><i lang="de"><a href="/wiki/Gesellschaft_mit_beschr%C3%A4nkter_Haftung" class="mw-redirect" title="Gesellschaft mit beschränkter Haftung">Gesellschaft mit beschränkter Haftung</a></i></span> (German equivalent)</li> <li><a href="/wiki/Incorporation_(business)" title="Incorporation (business)">Incorporation (business)</a></li> <li><a href="/wiki/Limited_liability_partnership" title="Limited liability partnership">Limited liability partnership</a> (LLP)</li> <li><a href="/wiki/List_of_official_business_registers" title="List of official business registers">List of official business registers</a></li> <li><a href="/wiki/List_of_legal_entity_types_by_country" title="List of legal entity types by country">List of legal entity types by country</a></li> <li><a href="/wiki/Private_company_limited_by_shares" title="Private company limited by shares">Private company limited by shares</a></li> <li><a href="/wiki/Unlimited_company" title="Unlimited company">Unlimited company</a></li> <li><a href="/wiki/Wholly_Foreign-Owned_Enterprise" title="Wholly Foreign-Owned Enterprise">Wholly Foreign-Owned Enterprise</a></li> <li><a href="/wiki/Foreign_corporation" title="Foreign corporation">Foreign LLC</a></li></ul> <div class="mw-heading mw-heading2"><h2 id="Notes">Notes</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Limited_liability_company&action=edit&section=8" title="Edit section: Notes"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <style data-mw-deduplicate="TemplateStyles:r1239543626">.mw-parser-output .reflist{margin-bottom:0.5em;list-style-type:decimal}@media screen{.mw-parser-output .reflist{font-size:90%}}.mw-parser-output .reflist .references{font-size:100%;margin-bottom:0;list-style-type:inherit}.mw-parser-output .reflist-columns-2{column-width:30em}.mw-parser-output .reflist-columns-3{column-width:25em}.mw-parser-output .reflist-columns{margin-top:0.3em}.mw-parser-output .reflist-columns ol{margin-top:0}.mw-parser-output .reflist-columns li{page-break-inside:avoid;break-inside:avoid-column}.mw-parser-output .reflist-upper-alpha{list-style-type:upper-alpha}.mw-parser-output .reflist-upper-roman{list-style-type:upper-roman}.mw-parser-output .reflist-lower-alpha{list-style-type:lower-alpha}.mw-parser-output .reflist-lower-greek{list-style-type:lower-greek}.mw-parser-output .reflist-lower-roman{list-style-type:lower-roman}</style><div class="reflist reflist-lower-alpha"> <div class="mw-references-wrap"><ol class="references"> <li id="cite_note-33"><span class="mw-cite-backlink"><b><a href="#cite_ref-33">^</a></b></span> <span class="reference-text">The rules contained in Treasury Regulation 1.704-1 must also be met.<sup id="cite_ref-32" class="reference"><a href="#cite_note-32"><span class="cite-bracket">[</span>32<span class="cite-bracket">]</span></a></sup> </span> </li> <li id="cite_note-37"><span class="mw-cite-backlink"><b><a href="#cite_ref-37">^</a></b></span> <span class="reference-text">An S corporation may have no more than 100 shareholders.<sup id="cite_ref-34" class="reference"><a href="#cite_note-34"><span class="cite-bracket">[</span>33<span class="cite-bracket">]</span></a></sup> An individual, their spouse, and their family members within six common ancestors may typically be considered to be one shareholder for the purpose of this test.<sup id="cite_ref-35" class="reference"><a href="#cite_note-35"><span class="cite-bracket">[</span>34<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-36" class="reference"><a href="#cite_note-36"><span class="cite-bracket">[</span>35<span class="cite-bracket">]</span></a></sup> </span> </li> <li id="cite_note-42"><span class="mw-cite-backlink"><b><a href="#cite_ref-42">^</a></b></span> <span class="reference-text">For purposes of U.S. tax law, residency is <i>not</i> the same as the location where a person lives. <br /> A U.S. citizen or U.S. national is always a U.S. tax resident.<br /> A lawful permanent resident of the U.S. at any time during a calendar year is typically a U.S. tax resident that year.<sup id="cite_ref-38" class="reference"><a href="#cite_note-38"><span class="cite-bracket">[</span>36<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-39" class="reference"><a href="#cite_note-39"><span class="cite-bracket">[</span>37<span class="cite-bracket">]</span></a></sup> <br /> In other cases, an individual is typically a U.S. tax resident if the individual was physically present in the U.S. on at least 31 days during the current year, and 183 days during the three-year period that includes the current year and the two years immediately before that, counting all the days present in the current year, and one-third of the days present in the first year before the current year, and one-sixth of the days in the second year before the current year. In some cases, an individual does not count days physically present in the U.S. while in certain visa statuses, such as <a href="/wiki/F_visa" title="F visa">F-1</a>, <a href="/wiki/J-1_visa" title="J-1 visa">J-1</a>, <a href="/wiki/M-1_visa" title="M-1 visa">M-1</a>, <a href="/wiki/Q-1_visa" title="Q-1 visa">Q-1</a>.<sup id="cite_ref-40" class="reference"><a href="#cite_note-40"><span class="cite-bracket">[</span>38<span class="cite-bracket">]</span></a></sup> Alternatively, an individual may not be a U.S. tax resident if the individual was present in the U.S. less than 183 days during the year, the individual had a closer connection to one foreign country in which the individual has a tax home than to the U.S., the individual maintained a tax home in that foreign country during the entire year, and the individual has neither pursued nor has a pending application for U.S. lawful permanent resident status.<sup id="cite_ref-41" class="reference"><a href="#cite_note-41"><span class="cite-bracket">[</span>39<span class="cite-bracket">]</span></a></sup></span> </li> </ol></div></div> <div class="mw-heading mw-heading2"><h2 id="References">References</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Limited_liability_company&action=edit&section=9" title="Edit section: References"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1239543626"><div class="reflist"> <div class="mw-references-wrap mw-references-columns"><ol class="references"> <li id="cite_note-1"><span class="mw-cite-backlink"><b><a href="#cite_ref-1">^</a></b></span> <span class="reference-text"><style data-mw-deduplicate="TemplateStyles:r1238218222">.mw-parser-output cite.citation{font-style:inherit;word-wrap:break-word}.mw-parser-output .citation q{quotes:"\"""\"""'""'"}.mw-parser-output .citation:target{background-color:rgba(0,127,255,0.133)}.mw-parser-output .id-lock-free.id-lock-free a{background:url("//upload.wikimedia.org/wikipedia/commons/6/65/Lock-green.svg")right 0.1em center/9px no-repeat}.mw-parser-output .id-lock-limited.id-lock-limited a,.mw-parser-output .id-lock-registration.id-lock-registration a{background:url("//upload.wikimedia.org/wikipedia/commons/d/d6/Lock-gray-alt-2.svg")right 0.1em center/9px no-repeat}.mw-parser-output .id-lock-subscription.id-lock-subscription a{background:url("//upload.wikimedia.org/wikipedia/commons/a/aa/Lock-red-alt-2.svg")right 0.1em center/9px no-repeat}.mw-parser-output .cs1-ws-icon a{background:url("//upload.wikimedia.org/wikipedia/commons/4/4c/Wikisource-logo.svg")right 0.1em center/12px no-repeat}body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-free a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-limited a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-registration a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-subscription a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .cs1-ws-icon a{background-size:contain;padding:0 1em 0 0}.mw-parser-output .cs1-code{color:inherit;background:inherit;border:none;padding:inherit}.mw-parser-output .cs1-hidden-error{display:none;color:var(--color-error,#d33)}.mw-parser-output .cs1-visible-error{color:var(--color-error,#d33)}.mw-parser-output .cs1-maint{display:none;color:#085;margin-left:0.3em}.mw-parser-output .cs1-kern-left{padding-left:0.2em}.mw-parser-output .cs1-kern-right{padding-right:0.2em}.mw-parser-output .citation .mw-selflink{font-weight:inherit}@media screen{.mw-parser-output .cs1-format{font-size:95%}html.skin-theme-clientpref-night .mw-parser-output .cs1-maint{color:#18911f}}@media screen and (prefers-color-scheme:dark){html.skin-theme-clientpref-os .mw-parser-output .cs1-maint{color:#18911f}}</style><cite id="CITEREFSchwindt1996" 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cs1"><a rel="nofollow" class="external text" href="https://www.irs.gov/businesses/small-businesses-self-employed/limited-liability-company-llc">"Limited Liability Company (LLC)"</a>. 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Retrieved <span class="nowrap">October 9,</span> 2019</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=Limited+Liability+Company+%28LLC%29&rft.pub=Internal+Revenue+Service&rft_id=https%3A%2F%2Fwww.irs.gov%2Fbusinesses%2Fsmall-businesses-self-employed%2Flimited-liability-company-llc&rfr_id=info%3Asid%2Fen.wikipedia.org%3ALimited+liability+company" class="Z3988"></span></span> </li> <li id="cite_note-3"><span class="mw-cite-backlink"><b><a href="#cite_ref-3">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFMcCrayThomas" class="citation web cs1">McCray, Richard A.; Thomas, Ward L. <a rel="nofollow" class="external text" href="https://www.irs.gov/pub/irs-tege/eotopich00.pdf">"Limited Liability Companies as Exempt Organizations"</a> <span class="cs1-format">(PDF)</span>. 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Dearborn Trade Publishing. p. 60. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/9780936894935" title="Special:BookSources/9780936894935"><bdi>9780936894935</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Forming+Your+Own+Limilted+Liability+Company&rft.pages=60&rft.pub=Dearborn+Trade+Publishing&rft.date=1996&rft.isbn=9780936894935&rft.aulast=Friedman&rft.aufirst=Scott+E.&rft_id=https%3A%2F%2Fbooks.google.com%2Fbooks%3Fid%3DEAP5gXGGFFEC&rfr_id=info%3Asid%2Fen.wikipedia.org%3ALimited+liability+company" class="Z3988"></span></span> </li> <li id="cite_note-8"><span class="mw-cite-backlink"><b><a href="#cite_ref-8">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFMacey2014" class="citation web cs1">Macey, Jonathan R. (March 27, 2014). <a rel="nofollow" class="external text" href="https://corpgov.law.harvard.edu/2014/03/27/the-three-justifications-for-piercing-the-corporate-veil/">"The Three Justifications for Piercing the Corporate Veil"</a>. <i>Harvard Law School Forum on Corporate Governance</i>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=Harvard+Law+School+Forum+on+Corporate+Governance&rft.atitle=The+Three+Justifications+for+Piercing+the+Corporate+Veil&rft.date=2014-03-27&rft.aulast=Macey&rft.aufirst=Jonathan+R.&rft_id=https%3A%2F%2Fcorpgov.law.harvard.edu%2F2014%2F03%2F27%2Fthe-three-justifications-for-piercing-the-corporate-veil%2F&rfr_id=info%3Asid%2Fen.wikipedia.org%3ALimited+liability+company" class="Z3988"></span></span> </li> <li id="cite_note-9"><span class="mw-cite-backlink"><b><a href="#cite_ref-9">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFKlein1996" class="citation journal cs1">Klein, Shaun M. (1996). <a rel="nofollow" class="external text" href="http://heinonline.org/HOL/LandingPage?handle=hein.journals/jcorl22&div=14">"Piercing the Veil of the Limited Liability Company, from Sure Bet to Long Shot: Gallinger v. North Star Hospital Mutual Assurance, Ltd"</a>. <i>Journal of Corporate Law</i>. <b>22</b>: 131.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Journal+of+Corporate+Law&rft.atitle=Piercing+the+Veil+of+the+Limited+Liability+Company%2C+from+Sure+Bet+to+Long+Shot%3A+Gallinger+v.+North+Star+Hospital+Mutual+Assurance%2C+Ltd.&rft.volume=22&rft.pages=131&rft.date=1996&rft.aulast=Klein&rft.aufirst=Shaun+M.&rft_id=http%3A%2F%2Fheinonline.org%2FHOL%2FLandingPage%3Fhandle%3Dhein.journals%2Fjcorl22%26div%3D14&rfr_id=info%3Asid%2Fen.wikipedia.org%3ALimited+liability+company" class="Z3988"></span></span> </li> <li id="cite_note-10"><span class="mw-cite-backlink"><b><a href="#cite_ref-10">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFVandervoort2004" class="citation journal cs1">Vandervoort, Jeffrey K. (2004). <a rel="nofollow" class="external text" href="http://heinonline.org/HOL/LandingPage?handle=hein.journals/depbcl3&div=10">"Piercing the Veil of Limited Liability Companies: The Need for a Better Standard"</a>. <i>DePaul Business and Commercial Law Journal</i>. <b>3</b>: 51.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=DePaul+Business+and+Commercial+Law+Journal&rft.atitle=Piercing+the+Veil+of+Limited+Liability+Companies%3A+The+Need+for+a+Better+Standard&rft.volume=3&rft.pages=51&rft.date=2004&rft.aulast=Vandervoort&rft.aufirst=Jeffrey+K.&rft_id=http%3A%2F%2Fheinonline.org%2FHOL%2FLandingPage%3Fhandle%3Dhein.journals%2Fdepbcl3%26div%3D10&rfr_id=info%3Asid%2Fen.wikipedia.org%3ALimited+liability+company" class="Z3988"></span></span> </li> <li id="cite_note-11"><span class="mw-cite-backlink"><b><a href="#cite_ref-11">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFAdkisson2013" class="citation web cs1">Adkisson, Jay (April 30, 2013). <a rel="nofollow" class="external text" href="https://www.forbes.com/sites/jayadkisson/2013/04/30/the-misunderstood-charging-order/">"The Misunderstood Charging Order"</a>. <i>Forbes</i>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=Forbes&rft.atitle=The+Misunderstood+Charging+Order&rft.date=2013-04-30&rft.aulast=Adkisson&rft.aufirst=Jay&rft_id=https%3A%2F%2Fwww.forbes.com%2Fsites%2Fjayadkisson%2F2013%2F04%2F30%2Fthe-misunderstood-charging-order%2F&rfr_id=info%3Asid%2Fen.wikipedia.org%3ALimited+liability+company" class="Z3988"></span></span> </li> <li id="cite_note-12"><span class="mw-cite-backlink"><b><a href="#cite_ref-12">^</a></b></span> <span class="reference-text">See, e.g., <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="http://delcode.delaware.gov/title6/c018/sc06/index.shtml">"Delaware Code, Title 6, Chapter 18, Limited Liability Company Act"</a>. <i>State of Delaware</i><span class="reference-accessdate">. Retrieved <span class="nowrap">October 9,</span> 2019</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=State+of+Delaware&rft.atitle=Delaware+Code%2C+Title+6%2C+Chapter+18%2C+Limited+Liability+Company+Act&rft_id=http%3A%2F%2Fdelcode.delaware.gov%2Ftitle6%2Fc018%2Fsc06%2Findex.shtml&rfr_id=info%3Asid%2Fen.wikipedia.org%3ALimited+liability+company" class="Z3988"></span></span> </li> <li id="cite_note-Borden-13"><span class="mw-cite-backlink">^ <a href="#cite_ref-Borden_13-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-Borden_13-1"><sup><i><b>b</b></i></sup></a> <a href="#cite_ref-Borden_13-2"><sup><i><b>c</b></i></sup></a></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFBordenRhee2012" class="citation book cs1">Borden, Bradley T.; Rhee, Robert J. (2012). <a rel="nofollow" class="external text" href="https://books.google.com/books?id=DOVyAgAAQBAJ&pg=PP56"><i>Limited Liability Entities: A State by State Guide to LLCs, LPs and LLPs, Vol. 1</i></a> (2022-3 supp. ed.). New York: Wolters Kluwer. p. 1-14. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/9781454820208" title="Special:BookSources/9781454820208"><bdi>9781454820208</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Limited+Liability+Entities%3A+A+State+by+State+Guide+to+LLCs%2C+LPs+and+LLPs%2C+Vol.+1&rft.place=New+York&rft.pages=1-14&rft.edition=2022-3+supp.&rft.pub=Wolters+Kluwer&rft.date=2012&rft.isbn=9781454820208&rft.aulast=Borden&rft.aufirst=Bradley+T.&rft.au=Rhee%2C+Robert+J.&rft_id=https%3A%2F%2Fbooks.google.com%2Fbooks%3Fid%3DDOVyAgAAQBAJ%26pg%3DPP56&rfr_id=info%3Asid%2Fen.wikipedia.org%3ALimited+liability+company" class="Z3988"></span></span> </li> <li id="cite_note-Hamill-14"><span class="mw-cite-backlink"><b><a href="#cite_ref-Hamill_14-0">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFHamill1998" class="citation journal cs1">Hamill, Susan P. 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title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Michigan+Law+Review&rft.atitle=The+Limited+Liability+Company%3A+A+Catalyst+Exposing+the+Corporate+Integration+Question&rft.volume=95&rft.issue=2&rft.pages=393-446&rft.date=1996-11&rft.issn=0026-2234&rft_id=https%3A%2F%2Fapi.semanticscholar.org%2FCorpusID%3A158517043%23id-name%3DS2CID&rft_id=https%3A%2F%2Fwww.jstor.org%2Fstable%2F1290118%23id-name%3DJSTOR&rft_id=info%3Adoi%2F10.2307%2F1290118&rft.aulast=Hamill&rft.aufirst=Susan+Pace&rft_id=http%3A%2F%2Fdx.doi.org%2F10.2307%2F1290118&rfr_id=info%3Asid%2Fen.wikipedia.org%3ALimited+liability+company" class="Z3988"></span></span> </li> <li id="cite_note-32"><span class="mw-cite-backlink"><b><a href="#cite_ref-32">^</a></b></span> <span class="reference-text">"<a rel="nofollow" class="external text" href="https://www.law.cornell.edu/cfr/text/26/1.704-1">26 CFR § 1.704-1</a>". <i>Internal Revenue Service</i>. Legal Information Institute.</span> </li> <li id="cite_note-34"><span class="mw-cite-backlink"><b><a href="#cite_ref-34">^</a></b></span> <span class="reference-text"><a href="/wiki/Internal_Revenue_Code" title="Internal Revenue Code">26 U.S.C.</a> <a rel="nofollow" class="external text" href="https://www.law.cornell.edu/uscode/text/26/1361">§ 1361</a></span> </li> <li id="cite_note-35"><span class="mw-cite-backlink"><b><a href="#cite_ref-35">^</a></b></span> <span class="reference-text">"<a rel="nofollow" class="external text" href="https://www.law.cornell.edu/cfr/text/26/1.1361-1">26 CFR § 1.1361-1(c)(1)(B)</a>". <i>Internal Revenue Service</i>. Legal Information Institute.</span> </li> <li id="cite_note-36"><span class="mw-cite-backlink"><b><a href="#cite_ref-36">^</a></b></span> <span class="reference-text">"<a rel="nofollow" class="external text" href="https://www.law.cornell.edu/cfr/text/26/1.1361-1">26 CFR § 1.1361-1(e)(3)(ii)</a>". <i>Internal Revenue Service</i>. Legal Information Institute.</span> </li> <li id="cite_note-38"><span class="mw-cite-backlink"><b><a href="#cite_ref-38">^</a></b></span> <span class="reference-text">"<a rel="nofollow" class="external text" href="https://www.irs.gov/individuals/international-taxpayers/determining-an-individuals-tax-residency-status">Determining an Individual's Tax Residency Status</a>". <i>Internal Revenue Service</i>. December 10, 2021.</span> </li> <li id="cite_note-39"><span class="mw-cite-backlink"><b><a href="#cite_ref-39">^</a></b></span> <span class="reference-text">"<a rel="nofollow" class="external text" href="https://www.irs.gov/individuals/international-taxpayers/us-tax-residency-green-card-test">U.S. Tax Residency – Green Card Test</a>". <i>Internal Revenue Service</i>. October 22, 2021.</span> </li> <li id="cite_note-40"><span class="mw-cite-backlink"><b><a href="#cite_ref-40">^</a></b></span> <span class="reference-text">"<a rel="nofollow" class="external text" href="https://www.irs.gov/individuals/international-taxpayers/substantial-presence-test">Substantial Presence Test</a>". <i>Internal Revenue Service</i>. October 27, 2021.</span> </li> <li id="cite_note-41"><span class="mw-cite-backlink"><b><a href="#cite_ref-41">^</a></b></span> <span class="reference-text">"<a rel="nofollow" class="external text" href="https://www.irs.gov/individuals/international-taxpayers/closer-connection-exception-to-the-substantial-presence-test">Closer Connection Exception to the Substantial Presence Test</a>". <i>Internal Revenue Service</i>. December 7, 2021.</span> </li> <li id="cite_note-43"><span class="mw-cite-backlink"><b><a href="#cite_ref-43">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://scholar.google.com/scholar_case?case=4103942001146152039">"Sturm v. Harb Development, 298 Conn. 124, 2 A.3d 859 (2010)"</a>. <i>Google Scholar</i><span class="reference-accessdate">. Retrieved <span class="nowrap">October 9,</span> 2019</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=Google+Scholar&rft.atitle=Sturm+v.+Harb+Development%2C+298+Conn.+124%2C+2+A.3d+859+%282010%29&rft_id=https%3A%2F%2Fscholar.google.com%2Fscholar_case%3Fcase%3D4103942001146152039&rfr_id=info%3Asid%2Fen.wikipedia.org%3ALimited+liability+company" class="Z3988"></span></span> </li> <li id="cite_note-44"><span class="mw-cite-backlink"><b><a href="#cite_ref-44">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFParsons2019" class="citation web cs1">Parsons, James (February 1, 2019). <a rel="nofollow" class="external text" href="https://www.entrepreneur.com/article/314005">"Here Are the Benefits of Multiple LLCs or Corporations for Your Businesses"</a>. <i>Entrepreneur</i>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=Entrepreneur&rft.atitle=Here+Are+the+Benefits+of+Multiple+LLCs+or+Corporations+for+Your+Businesses&rft.date=2019-02-01&rft.aulast=Parsons&rft.aufirst=James&rft_id=https%3A%2F%2Fwww.entrepreneur.com%2Farticle%2F314005&rfr_id=info%3Asid%2Fen.wikipedia.org%3ALimited+liability+company" class="Z3988"></span></span> </li> <li id="cite_note-45"><span class="mw-cite-backlink"><b><a href="#cite_ref-45">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFBrownGutterman2005" class="citation book cs1">Brown, Robert L.; Gutterman, Alan S. (2005). <a rel="nofollow" class="external text" href="https://books.google.com/books?id=XqDniFJ5CWQC"><i>Emerging Companies Guide: A Resource for Professionals and Entrepreneurs</i></a>. American Bar Association. p. 68. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/1590314662" title="Special:BookSources/1590314662"><bdi>1590314662</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Emerging+Companies+Guide%3A+A+Resource+for+Professionals+and+Entrepreneurs&rft.pages=68&rft.pub=American+Bar+Association&rft.date=2005&rft.isbn=1590314662&rft.aulast=Brown&rft.aufirst=Robert+L.&rft.au=Gutterman%2C+Alan+S.&rft_id=https%3A%2F%2Fbooks.google.com%2Fbooks%3Fid%3DXqDniFJ5CWQC&rfr_id=info%3Asid%2Fen.wikipedia.org%3ALimited+liability+company" class="Z3988"></span></span> </li> <li id="cite_note-46"><span class="mw-cite-backlink"><b><a href="#cite_ref-46">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFAuerbachHinesSlemrod2007" class="citation book cs1">Auerbach, Alan J.; Hines, James R. 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Cambridge University Press. p. 240. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-1139464512" title="Special:BookSources/978-1139464512"><bdi>978-1139464512</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Taxing+Corporate+Income+in+the+21st+Century&rft.pages=240&rft.pub=Cambridge+University+Press&rft.date=2007&rft.isbn=978-1139464512&rft.aulast=Auerbach&rft.aufirst=Alan+J.&rft.au=Hines%2C+James+R.+Jr.&rft.au=Slemrod%2C+Joel&rft_id=https%3A%2F%2Fbooks.google.com%2Fbooks%3Fid%3DVfKIGbpozRQC&rfr_id=info%3Asid%2Fen.wikipedia.org%3ALimited+liability+company" class="Z3988"></span></span> </li> <li id="cite_note-47"><span class="mw-cite-backlink"><b><a href="#cite_ref-47">^</a></b></span> <span class="reference-text">For example, <a href="/wiki/HMRC" class="mw-redirect" title="HMRC">HMRC</a> in the <a href="/wiki/United_Kingdom" title="United Kingdom">United Kingdom</a>, <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="http://www.hmrc.gov.uk/manuals/dtmanual/DT19853A.htm">"HMRC Tax Manuals, DT19853A"</a>. <i>Gov.UK</i>. Government of the United Kingdom. May 25, 2017.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=Gov.UK&rft.atitle=HMRC+Tax+Manuals%2C+DT19853A&rft.date=2017-05-25&rft_id=http%3A%2F%2Fwww.hmrc.gov.uk%2Fmanuals%2Fdtmanual%2FDT19853A.htm&rfr_id=info%3Asid%2Fen.wikipedia.org%3ALimited+liability+company" class="Z3988"></span></span> </li> <li id="cite_note-48"><span class="mw-cite-backlink"><b><a href="#cite_ref-48">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFBadger2018" class="citation news cs1">Badger, Emily (April 30, 2018). <a rel="nofollow" class="external text" href="https://www.nytimes.com/2018/04/30/upshot/anonymous-owner-llc-why-it-has-become-so-easy-to-hide-in-the-housing-market.html">"Anonymous Owner, L.L.C.: Why It Has Become So Easy to Hide in the Housing Market"</a>. <i>The New York Times</i>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=The+New+York+Times&rft.atitle=Anonymous+Owner%2C+L.L.C.%3A+Why+It+Has+Become+So+Easy+to+Hide+in+the+Housing+Market&rft.date=2018-04-30&rft.aulast=Badger&rft.aufirst=Emily&rft_id=https%3A%2F%2Fwww.nytimes.com%2F2018%2F04%2F30%2Fupshot%2Fanonymous-owner-llc-why-it-has-become-so-easy-to-hide-in-the-housing-market.html&rfr_id=info%3Asid%2Fen.wikipedia.org%3ALimited+liability+company" class="Z3988"></span></span> </li> <li id="cite_note-watson-49"><span class="mw-cite-backlink">^ <a href="#cite_ref-watson_49-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-watson_49-1"><sup><i><b>b</b></i></sup></a></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFWatson2016" class="citation web cs1">Watson, Libby (April 6, 2016). <a rel="nofollow" class="external text" href="https://sunlightfoundation.com/2016/04/06/why-are-there-so-many-anonymous-corporations-in-delaware/">"Why are there so many anonymous companies in Delaware?"</a>. <i>Sunlight Foundation</i>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=Sunlight+Foundation&rft.atitle=Why+are+there+so+many+anonymous+companies+in+Delaware%3F&rft.date=2016-04-06&rft.aulast=Watson&rft.aufirst=Libby&rft_id=https%3A%2F%2Fsunlightfoundation.com%2F2016%2F04%2F06%2Fwhy-are-there-so-many-anonymous-corporations-in-delaware%2F&rfr_id=info%3Asid%2Fen.wikipedia.org%3ALimited+liability+company" class="Z3988"></span></span> </li> </ol></div></div> <div class="navbox-styles"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><style data-mw-deduplicate="TemplateStyles:r1236075235">.mw-parser-output .navbox{box-sizing:border-box;border:1px solid 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.navbox{display:none!important}}</style></div><div role="navigation" class="navbox" aria-labelledby="Private_equity_and_venture_capital" style="padding:3px"><table class="nowraplinks hlist mw-collapsible mw-collapsed navbox-inner" style="border-spacing:0;background:transparent;color:inherit"><tbody><tr><th scope="col" class="navbox-title" colspan="2"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1239400231"><div class="navbar plainlinks hlist navbar-mini"><ul><li class="nv-view"><a href="/wiki/Template:Private_equity_and_venture_capital" title="Template:Private equity and venture capital"><abbr title="View this template">v</abbr></a></li><li class="nv-talk"><a href="/wiki/Template_talk:Private_equity_and_venture_capital" title="Template talk:Private equity and venture capital"><abbr title="Discuss this template">t</abbr></a></li><li class="nv-edit"><a href="/wiki/Special:EditPage/Template:Private_equity_and_venture_capital" title="Special:EditPage/Template:Private equity and venture capital"><abbr title="Edit this template">e</abbr></a></li></ul></div><div id="Private_equity_and_venture_capital" style="font-size:114%;margin:0 4em"><a href="/wiki/Private_equity" title="Private equity">Private equity</a> and <a href="/wiki/Venture_capital" title="Venture capital">venture capital</a></div></th></tr><tr><th scope="row" class="navbox-group" style="width:1%">Investment types</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Buyout" title="Buyout">Buyout</a> <ul><li><a href="/wiki/Leveraged_buyout" title="Leveraged buyout">Leveraged</a></li></ul></li> <li><a href="/wiki/Venture_capital" title="Venture capital">Venture</a></li> <li><a href="/wiki/Mezzanine_capital" title="Mezzanine capital">Mezzanine</a></li> <li><a href="/wiki/Growth_capital" title="Growth capital">Growth</a></li> <li><a href="/wiki/Private_equity_secondary_market" class="mw-redirect" title="Private equity secondary market">Secondaries</a></li> <li><a href="/wiki/Equity_co-investment" title="Equity co-investment">Equity co-investment</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/History_of_private_equity_and_venture_capital" title="History of private equity and venture capital">History</a></th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Early_history_of_private_equity" title="Early history of private equity">Early history</a></li> <li><a href="/wiki/Private_equity_in_the_1980s" title="Private equity in the 1980s">1980s</a></li> <li><a href="/wiki/Private_equity_in_the_1990s" title="Private equity in the 1990s">1990s</a></li> <li><a href="/wiki/Private_equity_in_the_2000s" title="Private equity in the 2000s">2000s</a></li> <li><a href="/wiki/Private_equity_in_the_2010s" title="Private equity in the 2010s">2010s</a></li> <li><a href="/wiki/Private_equity_in_the_2020s" title="Private equity in the 2020s">2020s</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Terms and <br />concepts</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"></div><table class="nowraplinks navbox-subgroup" style="border-spacing:0"><tbody><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Leveraged_buyout" title="Leveraged buyout">Buyout</a></th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Financial_sponsor" title="Financial sponsor">Financial sponsor</a></li> <li><a href="/wiki/Management_buyout" title="Management buyout">Management buyout</a></li> <li><a href="/wiki/Divisional_buyout" title="Divisional buyout">Divisional buyout</a></li> <li><a href="/wiki/Buy%E2%80%93sell_agreement" title="Buy–sell agreement">Buy–sell agreement</a></li> <li><a href="/wiki/Leveraged_recapitalization" title="Leveraged recapitalization">Leveraged recapitalization</a></li> <li><a href="/wiki/Dividend_recapitalization" title="Dividend recapitalization">Dividend recapitalization</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Venture_capital" title="Venture capital">Venture</a></th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Angel_investor" title="Angel investor">Angel investor</a></li> <li><a href="/wiki/Business_incubator" title="Business incubator">Business incubator</a></li> <li><a href="/wiki/Post-money_valuation" title="Post-money valuation">Post-money valuation</a></li> <li><a href="/wiki/Pre-money_valuation" title="Pre-money valuation">Pre-money valuation</a></li> <li><a href="/wiki/Simple_agreement_for_future_equity" title="Simple agreement for future equity">SAFE</a></li> <li><a href="/wiki/Seed_money" title="Seed money">Seed money</a></li> <li><a href="/wiki/Startup_company" title="Startup company">Startup company</a></li> <li><a href="/wiki/Venture_capital_financing" class="mw-redirect" title="Venture capital financing">Venture capital financing</a></li> <li><a href="/wiki/Venture_debt" title="Venture debt">Venture debt</a></li> <li><a href="/wiki/Venture_round" title="Venture round">Venture round</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Structure</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Private_equity_firm" title="Private equity firm">Private equity firms</a> and <a href="/wiki/Private_equity_fund" title="Private equity fund">funds</a></li> <li><a href="/wiki/Limited_partnership" title="Limited partnership">Limited partnership</a></li> <li><a class="mw-selflink selflink">Limited liability company</a></li> <li><a href="/wiki/Carried_interest" title="Carried interest">Carried interest</a></li> <li><a href="/wiki/Management_fee" title="Management fee">Management fee</a></li> <li><a href="/wiki/Pledge_fund" title="Pledge fund">Pledge fund</a></li> <li><a href="/wiki/Publicly_traded_private_equity" title="Publicly traded private equity">Publicly traded private equity</a> <ul><li><a href="/wiki/Business_Development_Company" title="Business Development Company">Business Development Company</a></li> <li><a href="/wiki/Venture_capital_trust" title="Venture capital trust">Venture capital trust</a></li></ul></li> <li><a href="/wiki/Private_investment_in_public_equity" title="Private investment in public equity">Private investment in public equity (PIPE)</a></li> <li><a href="/wiki/Special-purpose_acquisition_company" title="Special-purpose acquisition company">SPAC</a></li></ul> </div></td></tr></tbody></table><div></div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Investors</th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Corporate_venture_capital" title="Corporate venture capital">Corporations</a></li> <li><a href="/wiki/Institutional_investor" title="Institutional investor">Institutional investors</a></li> <li><a href="/wiki/Pension_fund" title="Pension fund">Pension funds</a></li> <li><a href="/wiki/Insurance#Insurance_companies" title="Insurance">Insurance companies</a></li> <li><a href="/wiki/Fund_of_funds" title="Fund of funds">Fund of funds</a></li> <li><a href="/wiki/Financial_endowment" title="Financial endowment">Endowments</a></li> <li><a href="/wiki/Private_foundation" title="Private foundation">Foundations</a></li> <li><a href="/wiki/Investment_banking" title="Investment banking">Investment banks</a></li> <li><a href="/wiki/Merchant_bank" title="Merchant bank">Merchant banks</a></li> <li><a href="/wiki/Commercial_bank" title="Commercial bank">Commercial banks</a></li> <li><a href="/wiki/High-net-worth_individual" title="High-net-worth individual">High-net-worth individuals</a></li> <li><a href="/wiki/Family_office" title="Family office">Family offices</a></li> <li><a href="/wiki/Sovereign_wealth_fund" title="Sovereign wealth fund">Sovereign wealth funds</a></li> <li><a href="/wiki/Crowdfunding" title="Crowdfunding">Crowdfunding</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Related <br />financial terms</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Assets_under_management" title="Assets under management">AUM</a></li> <li><a href="/wiki/Capitalization_table" title="Capitalization table">Cap table</a></li> <li><a href="/wiki/Capital_call" title="Capital call">Capital call</a></li> <li><a href="/wiki/Capital_commitment" title="Capital commitment">Capital commitment</a></li> <li><a href="/wiki/Capital_structure" title="Capital structure">Capital structure</a></li> <li><a href="/wiki/Distribution_waterfall" title="Distribution waterfall">Distribution waterfall</a></li> <li><a href="/wiki/Earnings_before_interest,_taxes,_depreciation_and_amortization" title="Earnings before interest, taxes, depreciation and amortization">EBITDA</a></li> <li><a href="/wiki/Envy_ratio" title="Envy ratio">Envy ratio</a></li> <li><a href="/wiki/High-yield_debt" title="High-yield debt">High-yield debt</a></li> <li><a href="/wiki/Initial_public_offering" title="Initial public offering">IPO</a></li> <li><a href="/wiki/Internal_rate_of_return" title="Internal rate of return">IRR</a></li> <li><a href="/wiki/Leverage_(finance)" title="Leverage (finance)">Leverage</a></li> <li><a href="/wiki/Liquidation_preference" title="Liquidation preference">Liquidation preference</a></li> <li><a href="/wiki/Mergers_and_acquisitions" title="Mergers and acquisitions">M&A</a></li> <li><a href="/wiki/Public_Market_Equivalent" title="Public Market Equivalent">PME</a></li> <li><a href="/wiki/Taxation_of_private_equity_and_hedge_funds" title="Taxation of private equity and hedge funds">Taxation of private equity and hedge funds</a></li> <li><a href="/wiki/Undercapitalization" title="Undercapitalization">Undercapitalization</a></li> <li><a href="/wiki/Vintage_year" title="Vintage year">Vintage year</a></li></ul> </div></td></tr><tr><td class="navbox-abovebelow" colspan="2"><div> <ul><li><span class="noviewer" typeof="mw:File"><span title="Category"><img alt="" src="//upload.wikimedia.org/wikipedia/en/thumb/9/96/Symbol_category_class.svg/16px-Symbol_category_class.svg.png" decoding="async" width="16" height="16" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/9/96/Symbol_category_class.svg/23px-Symbol_category_class.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/9/96/Symbol_category_class.svg/31px-Symbol_category_class.svg.png 2x" data-file-width="180" data-file-height="185" /></span></span><a href="/wiki/Category:Private_equity_and_venture_capital_investors" title="Category:Private equity and venture capital investors">Private equity and venture capital investors</a></li> <li><span class="noviewer" typeof="mw:File"><span title="Category"><img alt="" src="//upload.wikimedia.org/wikipedia/en/thumb/9/96/Symbol_category_class.svg/16px-Symbol_category_class.svg.png" decoding="async" width="16" height="16" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/9/96/Symbol_category_class.svg/23px-Symbol_category_class.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/9/96/Symbol_category_class.svg/31px-Symbol_category_class.svg.png 2x" data-file-width="180" data-file-height="185" /></span></span> <a href="/wiki/Category:Private_equity_firms" title="Category:Private equity firms">Private equity firms</a></li> <li><span class="noviewer" typeof="mw:File"><span title="List-Class article"><img alt="" src="//upload.wikimedia.org/wikipedia/en/thumb/d/db/Symbol_list_class.svg/16px-Symbol_list_class.svg.png" decoding="async" width="16" height="16" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/d/db/Symbol_list_class.svg/23px-Symbol_list_class.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/d/db/Symbol_list_class.svg/31px-Symbol_list_class.svg.png 2x" data-file-width="180" data-file-height="185" /></span></span> <a href="/wiki/List_of_private_equity_firms" title="List of private equity firms">List of private equity firms</a></li> <li><span class="noviewer" typeof="mw:File"><span title="Category"><img alt="" src="//upload.wikimedia.org/wikipedia/en/thumb/9/96/Symbol_category_class.svg/16px-Symbol_category_class.svg.png" decoding="async" width="16" height="16" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/9/96/Symbol_category_class.svg/23px-Symbol_category_class.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/9/96/Symbol_category_class.svg/31px-Symbol_category_class.svg.png 2x" data-file-width="180" data-file-height="185" /></span></span><a href="/wiki/Category:Venture_capital_firms" title="Category:Venture capital firms">Venture capital firms</a></li> <li><span class="noviewer" typeof="mw:File"><span title="List-Class article"><img alt="" src="//upload.wikimedia.org/wikipedia/en/thumb/d/db/Symbol_list_class.svg/16px-Symbol_list_class.svg.png" decoding="async" width="16" height="16" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/d/db/Symbol_list_class.svg/23px-Symbol_list_class.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/d/db/Symbol_list_class.svg/31px-Symbol_list_class.svg.png 2x" data-file-width="180" data-file-height="185" /></span></span> <a href="/wiki/List_of_venture_capital_firms" title="List of venture capital firms">List of venture capital firms</a></li> <li><span class="noviewer" typeof="mw:File"><span title="Category"><img alt="" src="//upload.wikimedia.org/wikipedia/en/thumb/9/96/Symbol_category_class.svg/16px-Symbol_category_class.svg.png" decoding="async" width="16" height="16" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/en/thumb/9/96/Symbol_category_class.svg/23px-Symbol_category_class.svg.png 1.5x, //upload.wikimedia.org/wikipedia/en/thumb/9/96/Symbol_category_class.svg/31px-Symbol_category_class.svg.png 2x" data-file-width="180" data-file-height="185" /></span></span><a href="/wiki/Category:Angel_investors" title="Category:Angel investors">Angel investors</a></li> <li><span class="noviewer" typeof="mw:File"><span 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