General and limited partnerships do not offer all their partners a corporate-styled liability shield Subchapter C corporations do not offer their shareholders the pass-through taxation of a partnership yet all state limited liability company acts contain provisions for a liability shield and the pass-through taxation of a partnership. The allure of the limited liability company business model is its unique ability to bring together in a single business organization the best features of all other business forms - properly structured, its owners obtain a corporate-styled liability shield, flexibility in establishing rules governing internal affairs and the pass-through taxation of a partnership. The Uniform Limited Liability Company Act was amended in 1996 to adapt to certain Internal Revenue Service guidelines. In August 1994, the Uniform Limited Liability Company Act was adopted by the National Conference of Commissioners in an effort to create more uniformity among state limited liability company legislation. Although the concept of a limited liability company has been around since 1977 when Wyoming enacted a limited liability company act, the popularity of the limited liability company has primarily grown during the last 15 years.
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