A Detailed investigation on Limited Liability Company | Michael W Lanier Attorney
A Limited Liability Company (LLC) is a business entity with limited liability. It's a type of company that's similar to a corporation or a limited liability partnership. It can possess assets on its behalf, sign contracts, bring lawsuits, and engage in all of the activities that a commercial organization in this nation is allowed to engage in. Even though it has been used for many years in Europe, it is still regarded as the "new kid on the block" in the United States. Around 1975, it was first developed in Wyoming. The LLC was not regarded as a distinct independent business until the mid-1990s in all 50 states of the United States. There are two unique stakeholders in the LLC. The LLC's proprietors are referred to as "partners." A "manager" was in charge of the LLC. It's possible to construct a "member-managed" LLC. It could also be set up as a "manager-managed" LLC. If the LLC is set up as a "member-managed" ...