A Few Facts About The...

UNIFORM LIMITED LIABILITY COMPANY ACT

PURPOSE:
To allow for the formation of limited liability companies. An LLC is a single business entity which provides limited liability protection for the partners, as well as providing all the owners of the business with federal partnership taxation. This differs from general and limited partnerships, which offer federal partnership taxation, but make at least one general partner bear personal liability for the debts and obligations of the business. This act incorporates the best features of existing, yet disparate, state legislation, modern law practice and the most recent developments in tax rulings.

ORIGIN:
Completed by the Uniform Law Commissioners in 1995 and amended in 1996.