Private limited company including limited companies and US LLCs, are treated as bodies corporate subject to United Kingdom corporation tax if the profits of the entity belong to the entity and not to its members. A limited liability company (LLC) is a relatively new business structure authorized by state statutes. The LLC is chiefly inspired by the GmbH ("Company with limited liability"), a type of business organization in Germany, and by the , a type of business organization available in many Latin American countries. In the United States, the first limited liability company act appeared in Wyoming in 1977 as special interest legislation
The Pyrene Company Limited for a number of British Rail diesel locomotives, and supplying fire detection and CO2 systems for Lloyd's of London. In 1959, Pyrene acquired the safety product business of Panorama Equipment, and traded as Pyrene Panorama. Pyrene Panorama Limited was established in 1959 when Pyrene purchased the business of Panorama Equipment Limited, which itself dated from 1941. This company was formed originally to manufacture an industrial wide-field vision safety goggle which gave rise to the name-"Panorama". Also in 1959 Pyrene acquired Roberts McClean who in 1931 introduced self-contained compressed air breathing apparatus to the UK and these two companies merged under