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Commonly Asked Questions about Limited Liability Company

The Nike Group is a privately owned limited company, now being managed by the Second Generation. From the luxury hotel to facilities for the leisure sports of skiing, supported by everything from manufacturing, builders merchandising and a petrol station.
A limited company is a form of business which is legally separate from its owners (typically shareholders) and those appointed to run it (directors). Its defining characteristic is limited liability, which we explain below.
Limited liability companies and joint stock companies may both be launched with a single shareholder. In joint stock companies, there are no restrictions as to the number of shareholder. Limited liability companies cannot have more than 50 shareholders.
Both LLC and LTD are similar in some ways yet different in others. One of the main differences is that LTD companies pay corporate taxes on their profit, unlike LLC entities where taxes are passed on to the members to pay on their personal income, and both are common for founders around the world.
A limited company is its own legal entity. A private limited company has one or more members, also called shareholders or owners, who buy in through private sales. Directors are company employees who keep up with all administrative tasks and tax filings but do not need to be shareholders.
and often these types of business have Ltd after the business name. An example of this would be Green Construction Ltd. Any type of business can set up as a private limited company for example, a plumber, hairdresser, photographer, lawyer, dentist, accountant or driving instructor.
By forming an LLC, only the LLC is liable for the debts and liabilities incurred by the businessnot the owners or managers. LLCs and Limited Liability Protection - Nolo nolo.com legal-encyclopedia limited-liab nolo.com legal-encyclopedia limited-liab
The fee for filing the Articles of Organization is $200. The fee may be paid by cash, check, money order, MasterCard, Visa or American Express. Checks and money orders should be made payable to the Department of State. Do not send cash through the mail.