Wyoming created the limited liability company (LLC) in 1977. In 1988, the Internal Revenue Service issued Revenue Ruling 88-76, holding that an LLC formed under Wyoming law would be taxed as a partnership at the federal level. With its tax status clarified, the LLC quickly became a vehicle of choice for entity and estate planning. The LLC is now the most widely used flow-through entity.1 The 2.7 million LLC partnership returns filed are 72% of all partnership returns filed.2<
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