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#1
Old 06-07-2001, 07:54 PM
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Join Date: May 1999
Location: northeast Florida USA
Posts: 1,407
I came across this abbreviation about 2 years ago at work -- the initials LLC after a real estate management company; I figured it had something to do with real estate. But now I see it a lot after the names of all kinds of companies. I just tried a search of the net and found one definition -- logical link control, used in telecommunications, and a bunch more companies with LLC after the names.
#2
Old 06-07-2001, 08:00 PM
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Join Date: Sep 2000
Posts: 551
Limited Liability Corporation.

I'll leave the explanation to the Legal Eagles
#3
Old 06-07-2001, 08:37 PM
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Join Date: Jun 2000
Posts: 678
Limited Liability Company.

It is kind of like a cross between a partnership and a corporation. You limit the liability of the partners like a corporation, but it is taxed like a partnership.

http://4inc.com/llcfaq.htm#Limit...lity%20Company
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#4
Old 06-07-2001, 09:28 PM
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Join Date: Nov 2000
Location: Southeast Michigan, USA
Posts: 10,294
Is this the same thing as the old Ltd? It seems to me that at the same time as LLC starting showing up, Ltd. started to disappear. I had been under the impression that Ltd. meant "limited," as in limited-liabilty. Now this LLC stuff.

Did the lawyers get this changed for us???
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#5
Old 06-08-2001, 05:07 AM
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Join Date: Nov 1999
Location: London, UK
Posts: 7,130
According to this useful site:
  • LLC (US): Limited Liability Company -

    Quote:
    Not really a corporation, and not really a partnership; it's something different altogether. Most states require there to be two people to form an LLC, but some states allow only one. An LLC has limited liability (hence the name), and unlimited life (i.e., the charter does not expire). In the United States, Corporations typically pay taxes, then distribute the profits via dividends, and the recipients must pay taxes on the dividends. An LLC allows for pass through taxation, which means that the income a company makes goes directly to the owners on their tax forms (even if the profits were not distributed). LLC's may have several different classes of stock.
  • Ltd (various): indicates in most countries an incorporated company with limited liability. In the US, according to this site, it's equivalent to Inc
  • LLP (US): Limited Liability Partnership
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