The United States LLC is not a partnership or a corporation. It is a distinct business entity that offers an alternative to partnerships and corporations by combining the corporate advantages of limited liability with the partnership advantage of pass-through taxation. US LLCs with non-resident members and which conduct no business in the US and which have no US-source income are not subject to US federal income tax and are not required to file a US income tax return. US LLCs are popular vehicles for conducting international business.

Key Corporate Features

General
Type of entity:	LLC
Type of law:	Common
Shelf Companies Available:	Yes
Time to establish a new company:	5 days
Minimum government fees (excluding taxation):	Varies
Corporate taxation:	Fiscally transparent
Double taxation treaty access:	Normally No
Share capital or equivalent
Standard currency:	USD$
Permitted currencies:
Minimum paid up:
Usually authorised capital:
Directors or Managers
Minimum number:	One
Local required:	No
Publicly accessible records:	On formation
Location of meetings:	Anywhere
Members
Minimum number:	One
Publicly accessible records:	Varies by state
Location of meetings:	Anywhere
Company Secretary
Required:	Not applicable
Local or qualified:	Not applicable
Accounts
Requirement to prepare:	Yes
Audit requirements:	No
Requirement to file accounts:	No
Publicly accessible accounts:	No
Other
Requirement to file annual return:	Yes
Change in domicile permitted:	Within USA only