[L042a]

limited liability company

A hybrid between a partnership and a corporation. The operation of the limited liability company is handled by managers on behalf of members who, on one hand have the protection of a corporation in that personal assets are protected and only company assets can be assessed. On the other hand, the income and profit that is earned by the limited liability company is not taxed against the company but is the obligation of the members as individuals.

Copyright: The Rough Notes Company, Inc., 1998, All Rights Reserved. 3040100