Limited Liability Company (LLC) defined: A limited liability company (LLC) is a form of corporate structure and ownership for a private company in which the private company’s shareholders are protected from liability (as with a corporation or an “Inc.”) but is taxes like a partnership (also known as “pass through” taxation) where the private company doesn’t pay income taxes directly. At the end of each tax year, the LLC send its shareholders a form showing the shareholder’s share of the private company and the shareholder’s share of the LLC’s profits, losses and equity balance.
Above is a definition for “Limited Liability Company (LLC)” from PrivCo’s Private Company Knowledge Bank, the definitive online and e-book guide to private companies and private company deals.
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