The Law Dictionary

Your Free Online Legal Dictionary • Featuring Black’s Law Dictionary, 2nd Ed.

LIMITED LIABILITY COMPANY (LLC) Definition & Legal Meaning

Definition & Citations:

US business structure type that is relatively recent. It combines corporation limited personal liability with partnership or sole proprietorship single taxation. Each shareholder files own separate tax return. Profits and tax benefits are split any way the stockholder and shareholder entities choose. LLC tax return is informational for the taxation authorities. Also refer to limited company.

See, LLC Tax Benefits: A Legal Guide; What Is a Single Member LLC (SMLLC)?


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