How to Start a Creative Business - A Glossary of Over 130 Terms for Creative Entrepreneurs by Richard Doug

Author:Richard, Doug [Richard, Doug]
Language: eng
Format: epub
ISBN: 9781446362556
Published: 2013-05-30T18:30:00+00:00

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Limited Liability Company (LLC)

A Limited Liability Company (LLC) is a kind of US business which generally protects its owner(s) from liability as the business trades. The debts of the business is separate from the debts of the owners. These businesses are very similar to a Company Limited by Shares or a Company Limited by Guarantee in the UK.

Limited Liability Partnership (LLP)

A Limited Liability Partnership (LLP) is a kind of US business which generally protects its owner(s) from liability as the business trades. The debts of the business are separate from the debts of the owners. These businesses are very similar to a Company Limited by Shares or a Company Limited by Guarantee in the UK, except that the business has two kinds of partners. General Partners control the business while Limited Partners profit from ownership but are not directly involved in day to day decisions.

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