The following Share Incentives practice note produced in partnership with Stephen Diosi of Mishcon de Reya provides comprehensive and up to date legal information covering:
A limited liability company (LLC) is a legal form of business organisation in US.
A US LLC is essentially a hybrid entity, combining certain features of both a corporation and of a partnership. A US LLC is akin to a private limited company in the UK in that it affords its owners limited liability protection, while having the added benefit (subject to elections made by a specific entity) of being potentially fiscally transparent (like a partnership) for tax purposes. For those LLCs who are deemed or elect to be tax transparent, all profits and losses pass directly to their owners, who are members rather than shareholders, and tax is therefore imposed on the LLC members as opposed to on the entity itself.
However, despite the potentially advantageous tax status of LLCs, the question of how members of LLCs are treated for tax purposes in different jurisdictions is not always straightforward. As an example, the taxation of UK LLC members and income derived by the LLC in the UK is explored below.
LLCs are favoured as a form of business organisation due to their flexibility. LLCs have the benefit, for example, of having unlimited members and being able to have various
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LR1. Date of the lease[date]LR2. Title Number(s)LR2.1 Landlord's title number(s)[title numbers out of which this Lease is granted. Leave blank if not registered]LR2.2 Other title numbers[existing title number(s) against which entries of matters referred to in LR9, LR10, LR11 and LR13 are to be
United Nations Convention on the Law of the Sea (UNCLOS)—snapshotTitleUnited Nations Convention on the Law of the Sea (UNCLOS)Parties168Adopted10 December 1982Entry into Force16 November 1994Full textUnited Nations Convention on the Law of the SeaSubject [Catchwords]International Law of the
Reserved judgmentsWhat is a reserved judgment?A court can reserve judgment by giving its decision at a later date in writing, after the trial or hearing (as opposed to an ex tempore judgment which is given by the judge orally straight after the hearing or trial). At the end of the hearing the judge
Negligence—when is the duty of care breached?Having established that a duty of care exists (see Practice Note: Negligence—when does a duty of care arise?), it is then necessary to consider whether or not there has been a breach of that duty. This will depend on a number of factors outlined below and
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