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LLC (Limited Liability Company)

The limited liability company (LLC) is a common form of business organization within the United States. The LLC combines benefits of a sole proprietorship or partnership with benefits of a corporation. This entry addresses the history and development of the LLC and its unique hybrid features.

History and Development of the LLC

The concept of the LLC began to develop in the 1970s and grew substantially in popularity in the 1990s. In 1975, an oil company failed to attain approval of the first LLC statute in Alaska. In 1977, Wyoming approved the first LLC statute, and 5 years later, Florida approved its LLC statute. Over the decades that followed, every state and the District of Columbia adopted LLC statutes. In 1994, the National Conference of Commissioners on ...

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