Limited Liability Companies
The LLC is now the most popular form of
closely held business in the US. Limited Liability Companies
have the "pass-through" tax advantages of a sole
proprietorship or partnership and the liability protections similar
to a corporation. He is more information explaining LLC's in
detail:
LLC
FAQs
LLC's and Foreign
Jurisdictions
LLC's Need a written
Operating Agreement
Should
your Spouse be a Member of your LLC?
For
Further Information...
Historical Perspective
on:
LIMITED LIABILITY
By W. S. Gilbert
(from The Bab
Ballads, circa 1868)
Some seven men form an
Association
(if possible, all Peers and Baronets),
They start
off with a public declaration
To what extent they mean to pay
their debts.
That's called their Capital: if they are
wary
They will not quote it at a sum immense.
The figure's
immaterial -- it may vary
From eighteen million down to
eighteenpence.
I should put it rather low;
The good sense of
doing so
Will be evident at once to any debtor.
When it's left
to you to say
What amount you mean to pay,
Why, the lower you
can put it at, the better.
They then proceed to trade with
all who'll trust `em,
Quite irrespective of their
capital
(It's shady, but it's sanctified by custom);
Bank,
Railway, Loan, or Panama Canal.
You can't embark on trading too
tremendous--
It's strictly fair, and based on common
sense--
If you succeed, your profits are stupendous--
And if
you fail, pop goes your eighteenpence.
Make the money-spinner
spin!
For you only stand to win,
And you'll never with
dishonesty be twitted.
For nobody can know,
To a million or
so,
To what extent your capital's committed!
If you come
to grief, and creditors are craving
(For nothing that is planned
by mortal head
Is certain in this Vale of Sorrow --
saving
That one's Liability is Limited),--
Do you suppose that
signifies perdition?
If so you're but a monetary dunce--
You
merely file a Winding-Up Petition,
And start another Company at
once!
Though a Rothschild you may be
In your own
capacity,
As a Company you've come to utter sorrow--
But the
Liquidators say,
"Never mind -- you needn't pay,"
So you start
another Company tomorrow!
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