Limited Liability Company
Description
The Limited Liability Company is a commercial company that provides for limited liability for all of its partners. LLC 1. Its capital is divided into equal shares, with a minimum capital of 5,000,000 LL. LLC 7. A Limited Liability Company is not allowed to issue public shares or debt instruments. LLC 3. It is also barred from conducting banking, investment, or insurance operations. LLC 4. A Limited Liability Company does pay corporate level income tax under Lebanese Law. The Limited Liability Company has a minimum of three partners and a maximum of 20; through inheritance the maximum can increase to 30, but if the number exceeds 30 the company will either be dissolved or converted to a Joint Stock Company. LLC 5. Individuals acquire their shares through either cash or contributions in-kind; unlike with the General Partnership and Limited Partnership, reputation alone cannot be used to acquire a Limited Liability Company’s shares. LLC 9. Unlike with the General Partnership, the bankruptcy of a Limited Liability Company does not result in the bankruptcy of its partners.
Concept Prerequisite
Wikipedia Reference
Learning Material
Covered in Topic(s)
| Lebanese Commercial Law |