Llc Definition

Limited liability company.
Webster's New World
A Limited Liability Company is a legal company that has a limited existence. It is neither a corporation nor a partnership. The LLC can be dissolved when a member dies, resigns, or files for bankruptcy protection, unless the remaining members unanimously vote to continue the business. The LLC has a termination date in the Articles of Organization, but the operating agreement can be written to avoid that end result. An LLC allows taxes that are owed on income to pass through directly to the owners, who have to report the income on their income tax forms.
Webster's New World Finance

According to the IEEE model, the upper sublayer of the Data Link Layer, described in the OSI Reference Model. The LLC sublayer is concerned with issues of multiplexing, flow control, and detection and retransmission of dropped frames. The IEEE 802.2 Working Group sets standards and develops recommendations for LLC. See also 802.2, Data Link Layer, flow control, IEEE, multiplexer, and OSI Reference Model.

Webster's New World Telecom

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