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
Private limited company may just issue written resolutions. Chilean law contemplates a certain form of LLC known as "Sociedad de Responsabilidad Limitada" (Limited Liability Association). Also (LLC) These companies are regulated by law N° 3.918. Among their most important characteristics we can say that: Chilean law also contemplates a very special kind of individual owner LLC called "Empresa Individual de Responsabilidad Limitada" (Limited Liability Individual Company), which uses the E.I.R.L. abbreviation. Colombian legislation contemplates a very similar structure as mentioned above in the Chilean case. The "Ltda." abbreviation is also used in Colombia. In Croatia, a private limited liability company is termed "društvo