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, and, under certain circumstances, LLCs may be organized as not-for-profit.
An LLC is not a corporation under state law it is a legal form of a company that provides limited liability to its owners in many jurisdictions. It is a business structure that can combine the pass-through taxation of a partnership or sole proprietorship with the limited liability of a corporation. Société à responsabilité limitée (SARL)Ī limited liability company ( LLC for short) is the United States-specific form of a private limited company.Gesellschaft mit beschränkter Haftung (GmbH).Limited liability limited partnership (LLLP).Scottish charitable incorporated organisation (SCIO).Charitable incorporated organisation (England and Wales) (CIO).
