A limited liability company is the US-specific form of a private limited company. It is a business structure that can combine the pass-through taxation of a partnership or sole proprietorship with the limited liability of a corporation. An LLC is not a corporation under state law. LLCs are well known for the flexibility. In certain U. S. states, businesses that provide professional services requiring a state professional license, such as legal or medical services, may not be allowed to form an LLC but may be required to form a similar entity called a professional limited liability company. A limited liability company is a hybrid legal entity having certain characteristics of both a corporation and a partnership or sole proprietorship. An LLC is a type of unincorporated association distinct from a corporation; the primary characteristic an LLC shares with a corporation is limited liability, the primary characteristic it shares with a partnership is the availability of pass-through income taxation.
As a business entity, an LLC is more flexible than a corporation and may be well-suited for companies with a single owner. Although LLCs and corporations both possess some analogous features, the basic terminology associated with each type of legal entity, at least within the United States, is sometimes different; when an LLC is formed, it is said to be "organized,” not "incorporated" or "chartered,” and its founding document is known as its "articles of organization," instead of its "articles of incorporation" or its "corporate charter.” Internal operations of an LLC are further governed by its "operating agreement," rather than its "bylaws." The owner of beneficial rights in an LLC is known as a "member," rather than a "shareholder.” Additionally, ownership in an LLC is represented by a "membership interest" or an "LLC interest", rather than represented by "shares of stock" or just "shares". When issued in physical rather than electronic form, a document evidencing ownership rights in an LLC is called a "membership certificate" rather than a "stock certificate".
In the absence of express statutory guidance, most American courts have held that LLC members are subject to the same common law alter ego piercing theories as corporate shareholders. However, it is more difficult to pierce the LLC veil because LLCs do not have many formalities to maintain; as long as the LLC and the members do not commingle funds, it is difficult to pierce the LLC veil. Membership interests in LLCs and partnership interests are afforded a significant level of protection through the charging order mechanism; the charging order limits the creditor of a debtor-partner or a debtor-member to the debtor's share of distributions, without conferring on the creditor any voting or management rights. Limited liability company members may, in certain circumstances incur a personal liability in cases where distributions to members render the LLC insolvent; the first state to enact a law authorizing limited liability companies was Wyoming in 1977. The form did not become popular, in part because of uncertainties in tax treatment by the Internal Revenue Service.
After an IRS ruling in 1988 that Wyoming LLCs could be taxed as partnerships, other states began enacting LLC statutes. By 1996, all 50 states had LLC statutes. LLCs are subject to fewer regulations than traditional corporations, thus may allow members to create a more flexible management structure than is possible with other corporate forms; as long as the LLC remains within the confines of state law, the operating agreement is responsible for the flexibility the members of the LLC have in deciding how their LLC will be governed. State statutes provide automatic or "default" rules for how an LLC will be governed unless the operating agreement provides otherwise, as permitted by statute in the state where the LLC was organized; the limited liability company has grown to become one of the most prevalent business forms in the United States. The use of a single member LLC affords greater protection for the assets of the member, as compared to operating as an unincorporated entity. Effective August 1, 2013, the Delaware Limited Liability Company Act provides that the managers and controlling members of a limited liability company owe fiduciary duties of care and loyalty to the limited liability company and its members.
Under the amendment, parties to an LLC remain free to expand, restrict, or eliminate fiduciary duties in their LLC agreements. Under 6 Del. C. Section 18-101, a Delaware LLC operating agreement can be written, implied, it sets forth member capital contributions, ownership percentages, management structure. Like a prenuptial agreement, an operating agreement can avoid future disputes between members by addressing buy-out rights, valuation formulas, transfer restrictions; the written LLC operating agreement should be signed by all of its members. Like a corporation, LLC's are required to register in the states they are "conducting business"; each state has different standards and rules defining what "tra
Global apartheid is a term used to mean minority rule in international decision-making. The term comes from apartheid, the system of government that ruled South Africa until 27 April 1994 when people of all races were able to vote as equals for the first time; the concept of global apartheid has been developed by many researchers, including Titus Alexander, Bruno Amoroso, Patrick Bond, Gernot Kohler, Arjun Makhijiani, Ali Mazuri, Vandana Shiva, Anthony H. Richmond, Joseph Nevins, Muhammed Asadi, Gustav Fridolin, many others. More recent references are in Falk's Re-Framing the International, Amoroso's Global apartheid: globalisation, economic marginalisation, political destabilisation, Peterson's A Critical Rewriting of Global Political Economy, Jones's Crimes Against Humanity: A Beginner's Guide and Global Human Smuggling by Kyle and Koslowski, New Social Movements in the African Diaspora: Challenging Global Apartheid. and Bosak's Kairos and Global Apartheid The first use of the term may have been by Gernot Koehler in a 1978 Working Paper for the World Order Models Project.
In 1995 Koehler develop this in The Three Meanings of Global Apartheid: Empirical, Existential. Its best known use was by Thabo Mbeki, then-President of South Africa, in a 2002 speech, drawing comparisons of the status of the world's people and access to natural resources to the apartheid era. Mbeki got the term from Titus Alexander, initiator of Charter 99, a campaign for global democracy, present at the UN Millennium Summit and gave him a copy of Unravelling Global Apartheid. Minority rule in global governance is based on national sovereignty rather than racial identity, but in many other respects the history and structures of apartheid South Africa can be seen as a microcosm of the world. Following the Great Depression in the 1930s and the Second World War, the United States and United Kingdom used their political power to create systems of economic management and protection to mitigate the worst effects of free trade and neutralise the competing appeals of communism and national socialism.
In South Africa civilized labour policies restricted public employment to whites, reserved skilled jobs for whites and controlled the movement of non-whites through a system of pass laws. In the West, escalating tariff barriers reserved manufacturing work for Europeans and Americans while immigration laws controlled the movement of immigrants seeking work. Alexander argued that apartheid was a system of one-sided protectionism, in which the poor white majority used their political power to exclude the black majority from competing on equal terms, warned that "the intensification of economic competition as a result of greater free trade is increasing political pressures for one-sided protectionism."At a political level, the West still dominates global decision-making through minority control of the central banking system, IMF, World Bank, Security Council and other institutions of global governance. The G8 have over 60 % of its income. 80% of the permanent members of the UN Security Council represent white Western states, 60% from Europe.
The West has veto power in the World Bank, IMF and WTO and regulates global monetary policy through the Bank of International Settlements. By tradition, the head of the World Bank is always a US citizen, nominated by the US President, the IMF is a European. Although the rest of the world now has a majority in many international institutions, it does not have the political power to reject decisions by the Western minority. In The Clash of Civilizations and the Remaking of World Order, Samuel P. Huntington describes how "the United States together with Britain and France make the crucial decisions on political and security issues. Huntington quoted Jeffrey R Bennett to claim that Western nations: own and operate the international banking system control all hard currencies are the world’s principal customers provide the majority of the world’s finished goods dominate international capital markets exert considerable moral leadership within many societies are capable of massive military intervention control the sea lanesHuntington presents a ‘framework, a paradigm, for viewing global politics’ to protect “Western civilization”.
He argues that other civilizations threaten the West through immigration, cultural differences, growing economic strength and potential military power. ‘If North America and Europe renew their moral life, build on their cultural commonality, develop close forms of economic and political integration to supplement their security collaboration in NATO, they could generate a third Euroamerican phase of Western affluence and political influence. Meaningful political integration would in some measure counter the relative decline in the West’s share of the world’s people, economic product, military capabilities and revive the power of the West in the eyes of the leaders of other civilizations.’ However, this ‘depends overwhelmingly on whether the United States reaffirms its identity as a Western nation and defines its global role as the leader of Western civilization.’ Alexander identifies numerous pillars of global apartheid including: veto power by the Western minority in the UN Security Council voting powers in the IMF and World Bank dominance of the World Trade Organization through effective veto power and ‘weight of trade’ rather than formal voting power one-sided rules of trade, which give privileged protection to Western agriculture and other interests while opening markets in the Majority World protection of ‘hard currency’ through the central banking system through the Bank of International Settlemen
Alexander Masters is an author and worker with the homeless. He lives in United Kingdom. Masters is the son of authors Dexter Joan Brady, he was educated at Bedales School, took a first in physics from King's College London. He went to St Edmund's College, Cambridge for a further degree in maths, the beginnings of a PhD in the philosophy of quantum mechanics, he was studying for an MSc degree in mathematics with the Open University, working as an assistant at a hostel for the homeless in Cambridge, when he wrote his first book. He is the writer and illustrator of Stuart: the biography of Stuart Shorter, it explores how a young boy, somewhat disabled from birth, became mentally unstable and violent, living homeless on the streets of Cambridge. As the title suggests, the book starts from Shorter's adult life, tracing it back in time through his troubled childhood, examining the effects his family and disability had on his eventual state. Masters wrote the book with Shorter's enthusiastic help. Alexander Masters won an Arts Council Writers' Award for Stuart and went on to win the Guardian First Book Award and the Hawthornden Prize.
The book was shortlisted for the Whitbread Book-of-the-Year Award, the Samuel Johnson Prize, the National Book Critics Circle Award in the United States. He wrote a screenplay adaptation, filmed in 2006 for the BBC and HBO, broadcast in September 2007, it won the Royal Television Society Award in the Single Drama category and the Reims International Television award for the Best TV Screenplay. In 2007, he collaborated with photographer Adrian Clarke on the book Gary's Friends, chronicling the lives of drug and alcohol abusers in North East England. Masters is the author of The Genius in My Basement, a biography of mathematician Simon P. Norton. In 2016, Masters published A Life Discarded: 148 Diaries Found in the Trash Alexander Masters has been portrayed by Benedict Cumberbatch in Stuart: A Life Backwards, the 2007 BBC dramatization of his biography of Stuart Shorter. Masters, The Genius in My Basement, Harper Collins Ome, ISBN 978-0-00-744527-1 Alexander Masters on IMDb Stuart: A Life Backwards on IMDb Alexander Masters' staff CV, Kingston University department of humanities website "'Knife Man Dan' lives on in print", Peter Taylor-Whiffen, review of Stuart: A Life Backwards in The Independent, 7 June 2005