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 s ograničenom odgovornošću" (literal: limited liability company), abbreviated "d.o.o.". A public limited liability company is termed a "dioničko društvo" (literal: joint stock company) abbreviated "d.d.". Czech legislation contemplates LLCs as "společnost s ručením omezeným" ("s.r.o." or "spol. s r.o."). An "s.r.o." is not technically comparable to an LLC because the profits are still subject to double taxation. Czech law does not offer a possibility to start up a limited company without the possibility of avoiding double taxation. As of 2014 the liability is not limited in Czech, since managing director ("jednatel", mandatory board member in Czech LLCs) bears full liability