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The Limited Liability Company: A Catalyst Exposing The Corporate Integration Question, Susan Pace Hamill
The Limited Liability Company: A Catalyst Exposing The Corporate Integration Question, Susan Pace Hamill
Michigan Law Review
The rise of the domestic limited liability company (LLC) from obscurity to its present position as a viable, mainstream alternative to the corporation or partnership was met with enormous enthusiasm by the business community and the practicing bar. First introduced by the State of Wyoming in 1977 and recognized by the Internal Revenue Service (IRS) as a partnership for federal income tax purposes in 1988, the LLC offers for the first time a domestic entity that combines the tax advantages of a partnership with limited liability protection for all members, an advantage commonly associated with corporations. The advantages of the …