Limited Liability Company in the Philippines
Limited Liability Company (LLC) A limited liability company or LLC is a legal entity and a business structure that combines the pass-through taxation of a sole proprietorship or partnership with the limited liability of a corporation. The term LLC is most commonly referring to the United States’ limited liability company, but almost all countries have existing laws allowing the exercise of the business structure. ASEAN region have various enacted laws in country level pertaining to similar or equivalent limited liability company structure. Limited Liability company is a globally accepted form of business ownership, but can vary in terms of a country's implementation and regulation of such business entity. The Philippines has no Limited Liability Corporation or LLC as a defined legal entity, but has the entity defined for Corporation which is closest to LLC structure. According to the Philippine Corporation Code, a corporation is an artificial being created by operation of law...