Private limited company the German equivalent. On one hand it is possible to consider it as a kind of "Gesellschaft mit beschränkter Haftung" (GmbH) because it has aspects of a corporation; on the other hand it could be considered to be a kind of "Kommanditgesellschaft" (KG), which is the German equivalent of a limited partnership. Based on the literal translation of the word "company", an LLC should be considered to be a kind of KG without any liable partner. The German equivalent that comes closest to LLC, is GmbH & Co KG, a nested Kommanditgesellschaft (KG) where a Gesellschaft mit beschränkter Haftung (GmbH)
Limited liability company LLC will be governed unless the operating agreement provides otherwise. The limited liability company ("LLC") has grown to become one of the most prevalent business forms in the United States. Even the use of a single member LLC affords greater protection for the assets of the member, as compared to operating as an unincorporated entity. Effective August 1, 2013, the Delaware Limited Liability Company Act provides that the managers and controlling members of a limited liability company owe fiduciary duties of care and loyalty to the limited liability company and its members. Under the amendment (prompted by the Delaware Supreme