LLCs are a relatively recent form of business organization. An LLC combines the most attractive features of limited partnerships and corporations. The members of an LLC enjoy the limited liability offered by a corporate form of ownership and the tax advantages of a partnership. In addition, the LLC offers flexible management structures without the complicated requirements of S corporations or the restrictions of limited partnerships. The structure and methods of establishing a new LLC, or of converting an existing entity to the LLC form, vary from state to state. (See corporation, partnership).
Barry Goldsmith
| APA | Barry Goldsmith. (2010). limited liability company (LLC). Retrieved September 26, 2026, from http://smartdefine.org/limited_liability_company_(llc)/definitions/1157254 |
| Chicago | Barry Goldsmith. 2010. "limited liability company (LLC)" http://smartdefine.org/limited_liability_company_(llc)/definitions/1157254 (accessed September 26, 2026). |
| Harvard | Barry Goldsmith 2010, limited liability company (LLC), Smart Define, viewed 26 September, 2026, <http://smartdefine.org/limited_liability_company_(llc)/definitions/1157254>. |
| MLA | Barry Goldsmith. "limited liability company (LLC)" 21 October 2010. Web. 26 September 2026. <http://smartdefine.org/limited_liability_company_(llc)/definitions/1157254> |