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
Banknotes of the Black Sheep Company of Wales Limited he selected "Cwmni y Ddafad Ddu Gymreig Cyfyngedig" ("Welsh Black Sheep Company Limited"), recalling the banknotes which had been issued for over 150 years by the Aberystwyth and Tregaron Bank and used to feature an illustration of black sheep. The earliest issues contained a phrase in Welsh that referred to the Chief Treasury of Wales Limited, so that anyone who had the old notes knew who would exchange them for new notes. The phrase in question is ""Gynt, Prif Trysorfa Cymru Cyfyngedig"", the company thus describing itself as ""formerly, Chief Treasury of Wales Ltd"". Williams had to send his banknotes