Limited Liability Companies
The LLC is now the most popular form of
closely held business in the US. Limited Liability Companies
have the "pass-through" tax advantages of a sole
proprietorship or partnership and the liability protections similar
to a corporation. He is more information explaining LLC's in
LLC's and Foreign
LLC's Need a written
your Spouse be a Member of your LLC?
By W. S. Gilbert
(from The Bab
Ballads, circa 1868)
Some seven men form an
(if possible, all Peers and Baronets),
off with a public declaration
To what extent they mean to pay
That's called their Capital: if they are
They will not quote it at a sum immense.
immaterial -- it may vary
From eighteen million down to
I should put it rather low;
The good sense of
Will be evident at once to any debtor.
When it's left
to you to say
What amount you mean to pay,
Why, the lower you
can put it at, the better.
They then proceed to trade with
all who'll trust `em,
Quite irrespective of their
(It's shady, but it's sanctified by custom);
Railway, Loan, or Panama Canal.
You can't embark on trading too
It's strictly fair, and based on common
If you succeed, your profits are stupendous--
you fail, pop goes your eighteenpence.
Make the money-spinner
For you only stand to win,
And you'll never with
dishonesty be twitted.
For nobody can know,
To a million or
To what extent your capital's committed!
If you come
to grief, and creditors are craving
(For nothing that is planned
by mortal head
Is certain in this Vale of Sorrow --
That one's Liability is Limited),--
Do you suppose that
If so you're but a monetary dunce--
merely file a Winding-Up Petition,
And start another Company at
Though a Rothschild you may be
In your own
As a Company you've come to utter sorrow--
"Never mind -- you needn't pay,"
So you start
another Company tomorrow!