LLC’s - What is an LLC?

Limited Liability Companies started in the United States in Wyoming in 1977. Similar entities existed in Germany in the late 1890’s. The Wyoming farmers wanted the advantages of corporations (specifically, limited personal liability) with the advantages of being unincorporated (no organizational meetings, By-Laws, accounting requirements). Since then, all 50 states have adopted various forms of LLC’s. Not all states have the same advantages. That’s the GOOD.. no organizational meetings, no By-Laws. It is operated the same as a sole proprietor.

This entry was posted on 3. February 2009 at 19:01 and is filed under LLC's. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response or trackback from your own site.