FASB ASC 272 - Limited Liability Entities


The Financial Accounting Standards Board (FASB) released the 200 section of the Accounting Standards Codification for the purpose of discussing the broad topic of Presentation. Accounting Standards Codification 272 (ASC 272) was released to address the more specific topic of limited liability entities, in which the owners liability for any potential lawsuits or debts is limited to what the assets in which the business owns. The most common types of limited liability entities are the corporation, the S-Corp, and the LLC. Limited liability entities are very popular, especially the LLC, as they do not require very much in the way of paperwork to setup or fees to incorporate.

Check out more high level explanations of the FASB ASC in our Guide to the Accounting Standards Codification!

For more in depth information on this and other FASB ASC topics, check out the following books.

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