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Limited Liability Companies :
A limited liability company (denoted by L.L.C. or LLC in the US, and LTD in the UK) is a legal form of business company in the United States offering limited liability to its owners.
In that respect, it is similar to a corporation, and is often a more flexible form of ownership, especially suitable for smaller companies with a limited number of owners.
Unlike a regular corporation, however, a limited liability company with one member is treated as a disregarded entity (or sole proprietorship) and a limited liability company with multiple members is typically treated as a partnership for tax purposes, thereby avoiding double taxation. It is often incorrectly called a "limited liability corporation" (instead of company).
Unlimited liability companies : an unlimited company is a company formed by egistration ,where the liability of the members is unlimited - that is, they are liable to contribute whatever sums are required to pay the debts of the company should it go into bankruptcy. Not surprisingly, this is not a common form of company.
One example that was of significant press and political interest when it got into financial difficulties is The Equitable Life Assurance Society
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