Limited Liability Companies
¡Supera tus tareas y exámenes ahora con Quizwiz!
S corporations
a corporation that provides limited liability to its owners and the tax status of a flow-through entity
limited liability company
a hybrid form of business enterprise that offers the limited liability of a corporation and the tax advantages of a partnership
members
a person who has an ownership interest in a limited liability company
operating agreement
an agreement in which the members of a limited liability company set forth the details of how the business will be managed and operated
piercing the company veil
when a court holds members of an LLC personally liable for the debts of the organization
