Introduction
The first limited liability company (LLC) in the United States was established in Wyoming in 1977, and the next one was established in Florida in 1982; but it wasn’t until 1996 that the National Conference of Commissioners on Uniform State Laws adopted the Uniform Limited Liability Company Act (ULLCA) (Uniform Law Commission, 2012). A LLC is a flexible type of hybrid business ownership that combines the limited liability of a corporation with the tax benefits of a partnership. LLC’s are owned by members, not partners or shareholders, and may be composed of any number individuals, corporations, other LLC’s, ...
