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ASC 272 Limited Liability Entities

ASC 272 Limited Liability Entities

This Topic addresses the reporting guidance applicable to limited liability entities organized in the U.S. that prepare financial statements in accordance with U.S. GAAP.
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  • US GAAP
ASC 272-10 defines a limited liability entity as follows:
A limited liability company generally has the following characteristics:
  1. It is an unincorporated association of two or more persons.
  2. Its members have limited personal liability for the obligations or debts of the entity.
  3. It is classified as a partnership for federal income tax purposes.