What is a limited liability entity?
A limited liability entity is any entity, other than a corporation, through which business may be conducted while offering limited liability to the owners of the entity with respect to some or all of the obligations of the entity and which is taxable under Subchapter K of the Internal Revenue Code of 1986. Limited liability entities include, but are not limited to, limited liability companies, limited liability partnerships, registered limited liability partnerships, and limited partnerships.
