What Is Form 990: Return of Organization Exempt From Income Tax? Even organizations exempt from paying federal income tax must report their activities annually to the Internal Revenue Service (IRS).

A form of business organization with the liability-shield ... The LLC arose from business owners' desire to adopt a business structure permitting them to operate like a traditional partnership.

Baker, George P., and Cynthia A. Montgomery. "Conglomerates and LBO Associations: A Comparison of Organizational Forms." Harvard Business School Working Paper, No. 10 ...