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The Limited Liability Company, or LLC, has in recent years become the most popular legal structure for small businesses wishing to incorporate. The exact requirements vary slightly from state to state, but setting up an LLC is a relatively simple process that you can do yourself in an hour or less. Read more...

Related: Secretary of State Offices for All U.S. States and Territories
Related: What Form Will You Do Business In?

Comments
September 20, 2006 at 6:42 pm
(1) LLC says:

Scott, do they have the equivalent of llc’s in the UK?

September 20, 2006 at 9:02 pm
(2) entrepreneurs says:

As of 2001, yes.

Some people have compared the UK “private limited company” to an LLC, but in reality, it is more comparable to just a privately held C-corp, since it pays corporate taxes and dividends are taxed on the shareholder’s individual returns as well.

In 2001, though, the UK introduced Limited Liability Partnerships, which are much closer to the U.S. LLC, as it is taxed like a partnership.

Unlike a U.K. Limited Partnership, partners in an LLP can take part in the day to day management of the business.

Unlike a U.S. LLP, a U.K. LLP is not restricted only to specific types of businesses — any business can register as an LLP.

And while a U.S. LLC only requires one partner, a U.K. LLP does require at least two.

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