Limited Liability Companies -- The New Generation Of Business June 12, 2004 Stephanie Eidolon Limited Liability Companies, otherwise known as LLCs, comprise a relatively recent trend in business. Since the early nineteen-nineties (1990s), the Limited Liability Company form of business structure has become more and more accepted in the United States, although it has been used worldwide for some time. In essence, the LLC has rewritten the books on corporate responsibility and organization.

LLCs - The Business Of The Future

The LLC is a type of company that combines the best of a corporation and a partnership. More often than not they are called "Limited Liability Corporations," though that term is incorrect for the acronym LLC. The correct term is "company." As it is, members of an LLC go through a process that describes their company to the law as a distinct entity, separate from themselves. So, then, members of this type of company are, unlike in a partnership, limited in their responsibility for moral, financial, and legal decisions made by the business.

In other words, the LLC protects the people in charge of it.

The LLC business type also gives the company owners some tax and legal advantages. They are not taxed twice, even though they are essentially two different kinds of business blended together. These companies are also not subject to some of the disclosure laws that make it easier for the public to find out about its workings, unlike for corporations.

The LLC is an advantageous new kind of business. Maybe it's the one for you.

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