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Limited Liability Company (LLC)
The LLC is a relatively new type of hybrid business structure that is now permissible in US. It is designed to provide the limited liability features of a corporation and the tax efficiency and operational flexibility of a partnership. Formation of LLC is more complex and formal than that of a general partnership.
The owners are members, and the duration of the LLC is usually determined when the organization papers are filed. The time limit can be continued if desired by a vote of the members at expiry date (the time of expiration). LLC's must not have more than two of the four characteristics that define corporations:
1. Limited liability to the extent of assets;
2. Continuity of life;
3. Centralization of management; and
4. Free transferability of ownership interests.
Helpful Vocabulary
permissible – дозволенный
tax efficiency – налоговая эффективность
operational flexibility – гибкость операций
duration – срок действия
to file papers – подавать документы на регистрацию
vote – голосование
expiry date – дата окончания
transferability – передача (имущества, права и т. п.)
4. Write a short essay on:
1. The purpose of a Board of Directors in a Corporation.
2. Major duties of a Board of Directors in a Corporation.
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| Translate the following sentences; define the meaning of the modal verbs. Make the sentences active or passive, if possible. | | | Directors and Managers |