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
Limited company Companies Act 2006, Northern Ireland's previously distinct company law was repealed and the new companies code instituted by that Act was extended to Northern Ireland. In the United States, corporations have limited liability and the expression "corporation" is preferred to "limited company". A "limited liability company" (LLC) is a different entity. However, some states permit corporations to have the designation "Ltd." (instead of the usual "Inc.") to signify their corporate status. A Limited company must file annual tax returns ("corporation" tax returns) with the Securities and Exchange Commission. In Zimbabwe the term "(Pvt) Ltd" refers to a private company limited