Pennsylvania Liimited Liability Company Definition
A Pennsylvania limited liability company (LLC) is a hybrid between a partnership and a corporation. It may be thought of as a limited partnership without a general partner. Owners of a limited liability company are called members and may include individuals, corporations or other LLCs. The limited liability company provides the liability protection of a corporation for owners, with the advantage of being treated as a partnership for taxation purposes. A limited liability company may have any lawful purpose other than acting as an insurer, regardless if the propose is for profit. Limited liability companies are generally presumed to be for profit. If an LLC has a purpose that is not for profit, its purpose must be stated in the certificate of organization.
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