CH06 - Chapter Six Limited Liability Companies Limited...

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Chapter Six Limited Liability Companies
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Limited Liability Company Entity providing full protection for its members from all personal liability, whether arising in tort or contract; must comply with statutes
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Ways LLCs Differ from LLPs LLPs are a species of partnership and are governed primarily by partnership principles; LLCs are an entirely new form of business enterprise. Only full shield states offer full protection from liability for LLP partners for wrongful acts of co-partners and contractual obligations, whereas a hallmark of LLC statutes is full protection from personal liability for all LLC members whether the liability arises in tort or contract. All states but Wyoming permit a one-person LLC; LLPs, however, because they are a form of partnership, must always have at least two partners. LLPs, as a variety of partnership, must be formed for a profit- making purpose. LLCs, however, may be formed for nonprofit purposes.
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This note was uploaded on 01/06/2012 for the course PARA 092 taught by Professor Stephanieferill during the Fall '11 term at DeAnza College.

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CH06 - Chapter Six Limited Liability Companies Limited...

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