Before the arrival of the Limited Liability Company (LLC), the twin virtues of limited personal liability and pass-through taxation came standard only with the IRS sub-chapter S Corporation, which has its own shortcomings, including strict limits on the number of shareholders and a U.S. citizenship requirement for owners.
The LLC, on the other hand, presented a kind of SUV of legal entities: It offered the safety and durability of the corporation combined with the nimble handling of the partnership form. It was wide-ranging, too—open to owners from around the world.
Today it’s hard to imagine the U.S. business landscape without the LLC.
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