llcs-corporations-partnerships

(Wex page)

A limited liability company (LLC) is a statutorily authorized business entity that is characterized by limited liability for and management by its members and managers, and taxable as a partnership for federal income-tax purposes. An LLC is a...

(Wex page)

A limited liability partnership (LLP) is a partnership in which a partner is not liable for a negligent act committed by another partner or by an employee not under the partner's supervision. An LLP operates in similar fashion to a Limited...

(Wex page)

Limited partnership is a partnership composed of one or more persons who control the business and are personally liable for the partnership's debts (called general partners), and one or more persons who contribute capital and share profits...

(Wex page)
Definition

See Limited liability.

(Wex page)

The member in a liquidating partnership responsible for selling and distributing assets and settling debts on behalf of the partnership.

When a partnership has been dissolved, for whatever reason or by whatever means, the...

LLC

(Wex page)

LLC is an abbreviation for limited liability company (LLC).

[Last updated in February of 2022 by the Wex Definitions Team]

LLP

(Wex page)

LLP is an abbreviation for Limited liability partnership (LLP).

[Last updated in February of 2022 by the Wex Definitions Team]

(Wex page)
Definition

A type of limited liability partnership (LLP), which operates to “significantly further the accomplishment of one or more charitable or educational purposes". Unlike a non-profit charitable organization, L3Cs may make a small profit, as long...

(Wex page)
Definition

The equivalent of a shareholder in a limited liability company (LLC). Also, any person on the rolls of an organization with rights and responsibilities.

See alsoLimited liability company (LLC)Shareholder
(Wex page)
Definition

In general, the act of uniting separate things. Specifically -

1. In corporate law, the absorption of one corporation into another. The surviving corporation acquires all the assets and liabilities of the corporation getting absorbed...

Pages