A New Kind Of Business -- What Is A Limited Liability Company? June 17, 2004 Stephanie Eidolon New developments in business formation have led to the question that's on the stock market watchdog's mind: what is a limited liability company? The answer is pretty interesting. 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 - A New Business Development

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. LLCs are taxed only for a partnership and are for the most part not subject to public disclosure laws. However, they do not issue share certificates. This is something to think about.

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

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