MLchartDataset catalogue

Limited liability company

Term · Law · MLC-T-LAW-003056

A business structure that combines the limited liability protection of a corporation with the pass-through taxation and operational flexibility of a partnership or sole proprietorship. Owners, known as members, are not personally responsible for the company's debts or legal liabilities. LLCs are governed by state statutes, which vary in their specific requirements.

Table 1. Record
IdentifierMLC-T-LAW-003056
FieldLaw
AbbreviationLLC
Record as JSON 
{
  "id": "MLC-T-LAW-003056",
  "term": "Limited liability company",
  "field": "Law",
  "definition": "A business structure that combines the limited liability protection of a corporation with the pass-through taxation and operational flexibility of a partnership or sole proprietorship. Owners, known as members, are not personally responsible for the company's debts or legal liabilities. LLCs are governed by state statutes, which vary in their specific requirements.",
  "abbreviation": "LLC",
  "url": "https://mlchart.com/terminology/law/limited-liability-company/"
}

Record 3,013 of 5,445 in Law terminology (MLC-0107). Request the full dataset.