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 Limited was founded in 1914 when Wallace B. Phillips, an American businessman set up in Great Queen Street, London, selling 'pump' extinguishers. The company moved to Grosvenor Gardens, London in 1918, and then to Stoke Newington in 1920, where a factory to manufacture soda-acid and foam fire extinguishers was established. The London General Omnibus Company awarded Pyrene the contract for its fire extinguishers in 1924. In 1927, a metal-finishing division was established, which developed the Parkerizing process for metal rust-proofing. Its Pyrene Company Limited sold part of the chemical division to the Brent International Chemical Company which was a stand-alone