What does limited liability mean to corporations?

Answer In 1977, Wyoming became the first state in America to allow businesses to organize as limited liability corporations or companies. Since then, all states have followed suit and, as a result, busine... Read More »

Top Q&A For: What does limited liability mean to corporations

What does the term limited liability mean?

In business, "limited liability" means that a company owner or investor has no liability beyond her investment. In other words, if the company goes bankrupt or loses a lawsuit, she can lose whateve... Read More »

What Does it Mean to Dissolve a Limited Liability Partnership?

A limited liability partership (an LLP, not to be confused with a limited partnership) is a partnership formed under state law that provides some form of limited liability for its partners. LLPs t... Read More »

What does"limited liability company"mean on a W-9 form?

The term "limited liability company" on form W-9 refers to a type of business sanctioned by individual states. For tax purposes, the IRS treats limited liability companies either like a corporation... Read More »

What is the difference between a limited liability corporation&a limited liability partnership?

A limited liability partnership (LLP) and a limited liability company (LLC) contain elements of a general partnership combined with liability protection for the business owners. In states like Cali... Read More »