Types of Limited Liability Companies

LLC company formation in Abu Dhabi and Dubai are the best and attractive options for the business owners. Forming your business as the LLC Company registration in Dubai allows you to enjoy the many benefits of the business like you can be the only owner of the company, less paperwork and you will not require any panel of board members to take any decision in any critical situation. There are many types of the LLC Companies which have several benefits by their own which are mentioned below.
Sole ownership: This is type of LLC Company in which only one person takes all the hold of the company. Only a single person is responsible for the taxation, documentation and business transactions of the company. It is the only type in which a person can invest fewer amounts to get the more benefits. There is less paper work and stress in the sole ownership LLC Company.
General partnership: If there is more than one person as the members of the company it is known as general partnership. In this type of LLC Company, all the partners have to take care of all the matters of the company. Both of the members have to pay they tax from their own share and profit.
Limited partnership: Limited partnership is just like the general partnership in which there is more than one member of the company. But the major difference is that one member who has the major shares for the company will have the full liability for the company matters and the person who has less shares in the company will have the partial liability in the company matters. The important decisions will be taken by the major shareholder of the company.
Family limited partnership: Family limited partnership is just like the limited partnership nut the difference is here all the board members of the company are family members not the outsiders. They can take the decisions for the company betterment by their own. Whenever the family members want to change the control of the company, they can transfer it to their children. Family limited Liability Company saves personal assets and money on the basis of the situation.
Anonymous LLC: This is the kind of LLC Company in which the detail of the partners and the members is kept hidden from the public known as anonymous LLC.

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