Question

Today, _______ recognize LLCs and provide both procedural (formation) and internal default rules (in the event the parties are unable to agree otherwise) for the operation of LLCs.

Answer 1

Today, all states recognize LLCs and provide both procedural (formation) and internal default rules (in the event the parties are unable to agree otherwise) for the operation of LLCs.

What is LLC?

• A limited liability corporation (LLC) is a private limited company in the US. It is a type of company form that can combine the limited liability of a corporation with the pass-through taxation of a partnership or sole proprietorship.
• According to state law, an LLC is not a corporation; rather, it is a type of firm that offers its owners limited liability in many jurisdictions.
• The freedom that LLCs give business owners is well recognized; depending on the scenario, an LLC may choose to use corporate tax laws rather than being classified as a partnership, and, in some cases, LLCs may be structured as not-for-profit entities. Businesses that offer professional services in some states of the United States must have a state professional license.

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