ABA Family Legal Guide

Forming and Operating a Small Business

Types of Business Organizations

Limited Liability Companies

Are LLCs a newcomer to the business scene?

LLCs are a pretty new form of business entity in the United States. The first LLC statute in this country was enacted in 1977 by Wyoming. Florida adopted a similar act in 1982. Very few LLCs were formed, however, until after a beneficial tax ruling in 1988. Within a decade, all states had enacted LLC statutes.