How to Use Limited Liability Companies & Limited Partnerships

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Garrett Sutton. How to Use Limited Liability Companies & Limited Partnerships

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For Mom and Dad

Thanks for everything.

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In fact, it was the above-named limitations that, in part, lead to the adoption of the Limited Liability Company throughout the United States in the early 1990s. Because many shareholders wanted the protection of a Corporation with flow-through taxation but could not live within the shareholder limitations of an S corporation, the Limited Liability Company was legislatively authorized.

The S corporation requires the filing of IRS Form 2553 by the 15th day of the third month of its tax year for the flow-through tax election to become effective. A Limited Liability Company or Limited Partnership receives this treatment without the necessity of such a filing.

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