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
British and American Steam Navigation Company British and American Steam Navigation Company The British and American Steam Navigation Company was a steamship line that operated a regular transatlantic service from 1839 to 1841. Before its first purpose-built Atlantic liner, the "British Queen" was completed, British and American chartered the "Sirius" for two voyages in 1838 to beat the Great Western Steamship Company into service. B & A's regular liners were larger than their rivals, but were underpowered. The company collapsed when its second vessel, the "President" was lost in 1841. British and American was founded by American lawyer Junius Smith (1780–1853), who is often considered the