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47-628: The Henry Fellowships are administered according to the 1927 will of Lady Julia Henry, the wife of Sir Charles Henry , an Australian-born philanthropist who became a Member of Parliament in the British House of Commons from 1906. The fellowships are awarded by the Henry Fund, a registered charity which also awards the Jane Eliza Procter Fellowship for British PhD students to study at Princeton University . For

94-608: A Justice of the Peace for Berkshire. During the War, Henry was appointed to a number of important committees as he was identified as a loyal and sound occupant of the Coalition Liberal benches. He was a member of Lord Balfour of Burleigh 's committee on After-War Trade, which was charged with looking at the possible introduction of the metric system to replace Britain's existing coinage , weights and measures . He also sat on

141-409: A corporation , LLCs are required to register in the states they are "conducting (or transacting) business". Each state has different standards and rules defining what "transacting business" means, and as a consequence, navigating what is required can be quite confusing for small business owners. Simply forming an LLC in any state may not be enough to meet legal requirements, and specifically, if an LLC

188-437: A " shareholder ". Additionally, ownership in an LLC is represented by a "membership interest" or an "LLC interest" (sometimes measured in "membership units" or just "units" and at other times simply stated only as percentages ), rather than represented by " shares of stock " or just "shares" (with ownership measured by the number of shares held by each shareholder). Similarly, when issued in physical rather than electronic form,

235-454: A business formed as an LLC rather than a corporation. An LLC with either single or multiple members may elect to be taxed as a corporation through the filing of IRS Form 8832. After electing corporate tax status, an LLC may further elect to be treated as a regular C corporation (taxation of the entity's income prior to any dividends or distributions to the members and then taxation of the dividends or distributions once received as income by

282-478: A document evidencing ownership rights in an LLC is called a "membership certificate" rather than a "stock certificate." In the absence of express statutory guidance, most American courts have held that LLC members are subject to the same common law alter ego piercing theories as corporate shareholders. However, it is more difficult to pierce the LLC veil because LLCs do not have many formalities to maintain. As long as

329-500: A lot to do with the damage Lloyd George's rejection could do to her reputation as a political hostess. Some reconciliation was affected in 1915 when Lloyd George visited the Henrys to show sympathy on the loss of their son in battle even though he was reluctant to do so because of the awkwardness arising from his previous relationship with Lady Henry and the strength of Julia Henry's feelings for him. Lloyd George also visited Henry when he

376-621: A personal liability in cases where distributions to members render the LLC insolvent. The first state to enact a law authorizing the creation of limited liability companies was Wyoming in 1977. The law was a project of the Hamilton Brothers Oil Company , which sought to organize its business in the United States with liability and tax advantages similar to those it had obtained in Panama . From 1960 to 1997,

423-688: A private home for wounded soldiers in Berkshire and promoted the welfare of British troops in other ways. Henry also had interests in journalism. He was to become one of the proprietors of the Westminster Gazette and later founded the newspaper the Jewish Guardian . Many prominent Jews opposed the establishment of a Jewish state, fearing this would lead to their co-religionists losing the citizenship of those countries where they and their forebears had long lived and prospered. At

470-416: A similar entity called a professional limited liability company ( PLLC ). An LLC is a hybrid legal entity having certain characteristics of both a corporation and a partnership or sole proprietorship (depending on how many owners there are). An LLC is a type of unincorporated association , distinct from a corporation. The primary characteristic an LLC shares with a corporation is limited liability , and

517-400: Is formed in one state, but the owner (or owners) are located in another state (or states), or an employee is located in another state, or the LLC's base of operations is located in another state, the LLC may need to register as a foreign LLC in the other states it is "transacting business". For U.S. federal income tax purposes, an LLC is treated by default as a pass-through entity. If there

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564-456: Is not known for certain if Lloyd George and Julia Henry had an affair, although one of Lloyd George's biographers states that they did, adding that it was not serious on Lloyd George's part. However they certainly flirted together and corresponded privately with each other. Richard Lloyd George apparently thought his father could be in love with the “dark, tall and very attractive Lady J.” and that they were having an affair. Even King Edward VII

611-502: Is only one member in the company, the LLC is treated as a "disregarded entity" for tax purposes (unless another tax status is elected), and an individual owner would report the LLC's income or loss on Schedule C of his or her individual tax return. Thus, income from the LLC is taxed at the individual tax rates. The default tax status for LLCs with multiple members is as a partnership, which is required to report income and loss on IRS Form 1065. Under partnership tax treatment, each member of

658-486: Is the United States -specific form of a private limited company . It is a business structure that can combine the pass-through taxation of a partnership or sole proprietorship with the limited liability of a corporation . An LLC is not a corporation under the laws of every state; it is a legal form of a company that provides limited liability to its owners in many jurisdictions. LLCs are well known for

705-655: The Committee on Commercial and Industrial Policy , chaired by Lord Balfour of Burleigh. In July 1917, Henry was appointed to sit on the House of Commons Select Committee on Finance, chaired by Herbert Samuel . In 1918, Henry was chosen by the Minister of Munitions to chair a committee of inquiry into the staffing and conditions at the headquarters of the Ministry of Munitions and to suggest economies or improvements. Henry

752-649: The battle of Loos in September 1915. Henry was Jewish . He participated in Jewish welfare societies and other associations. In 1911, he laid the foundation stone of a synagogue at Southend . He also took a leading role in the financing and organisation of the Soup Kitchen for the Jewish Poor. In 1919 he was a prominent member of the organisation dedicated to the creation of a Jewish War Memorial to take

799-684: The general election of 1900 , Henry was selected to fight the Chelmsford Division of Essex for the Liberal Party. At the time he was associated with the Liberal Imperialists, a centrist faction within the Liberal Party in the late Victorian and Edwardian periods. The Liberal Imperialists were in favour of a more positive attitude towards the development of the British Empire and Imperialism , ending

846-1388: The 2019/20 Henry Fellowships, the award covers full tuition, health insurance, £2,500 travel expenses, and a $ 34,000 maintenance grant (considerably higher than the comparable Kennedy Scholarship maximum means-tested grant of $ 26,000). As of September 2019, the trustees, responsible for nominating the Henry Fellows from British universities to study at Harvard and Yale, are: Cambridge Trustees : Professor Lord Eatwell , President of Queens' College ( Chairman ) Dame Fiona Reynolds , Master of Emmanuel College Lord Smith of Finsbury , Master of Pembroke College Oxford Trustees : Professor Sir David Clary , President of Magdalen College Mr Will Hutton , Principal of Hertford College Baroness Royall of Blaisdon , Principal of Somerville College Harvard Trustees : Professor Drew Gilpin Faust , President of Harvard University Mr Marc Goodheart, Vice President and Secretary of Harvard University Professor Rakesh Khurana , Dean of Harvard College Yale Trustees : Professor Peter Salovey , President of Yale University Ms Kimberly Goff-Crews, Secretary and Vice President for Student Life Professor Marvin Chun, Dean of Yale College Secretariat to

893-621: The Conservatives in December 1916, Henry was one of those Liberals who stayed on the government side and he was generally identified as a strong supporter of the new prime minister but there was more than just political affinity between Henry and Lloyd George. Henry and his wife had been close to Lloyd George since at least the time of the death of his daughter Mair in 1907. Henry hosted a trip to Germany for Lloyd George in 1908 to allow Lloyd George, then recently appointed as Chancellor of

940-711: The Delaware Limited Liability Company Act provides that the managers and controlling members of a Delaware-domiciled limited liability company owe fiduciary duties of care and loyalty to the limited liability company and its members. Under the amendment (prompted by the Delaware Supreme Court's decision in Gatz Properties, LLC v. Auriga Capital Corp ), parties to an LLC remain free to expand, restrict, or eliminate fiduciary duties in their LLC agreements (subject to

987-710: The Exchequer , to study the invalidity insurance and contributory old age pensions which had been introduced there by Otto von Bismarck twenty-five years before. They also travelled together abroad socially to Nice and Monte Carlo and other European destinations. The American Lady Henry had pretensions to be one of London's great political hostesses and Lloyd George often attended her functions in London and at their home at Henley-on-Thames , sometimes taking his son Richard with him. Lloyd George also attended Henry family occasions at Henry's London home at Carlton Gardens. It

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1034-605: The Henry Fund : Ms Jessica Barrick, Secretary Sir Charles Henry, 1st Baronet Sir Charles Solomon Henry, 1st Baronet (28 January 1860 – 27 December 1919) was an Australian merchant and businessman who lived mostly in Britain and sat as a Liberal Member of Parliament (MP) in the House of Commons from 1906 until his death. Henry was born in Australia the son of Isaac Henry Solomon and Rose Marks of London , . He

1081-554: The LLC and the members do not commingle funds, it is difficult to pierce the LLC veil. Membership interests in LLCs and partnership interests are also afforded a significant level of protection through the charging order mechanism. The charging order limits the creditor of a debtor-partner or a debtor-member to the debtor's share of distributions, without conferring on the creditor any voting or management rights. Limited liability company members may, in certain circumstances, also incur

1128-576: The LLC seriously and enacted their own LLC statutes. By 1996, all 50 states and the District of Columbia had LLC statutes. In 1995, the IRS came to the conclusion that the widespread enactment of LLC statutes had undermined the Kintner regulations, and in 1996 it promulgated new regulations establishing a so-called "check the box" (CTB) entity classification election system that went into effect throughout

1175-405: The LLC, as is the case for all partners of a partnership, annually receives a Form K-1 reporting the member's distributive share of the LLC's income or loss that is then reported on the member's individual income tax return. On the other hand, income from corporations is taxed twice: once at the corporate entity level and again when distributed to shareholders. Thus, more tax savings often result if

1222-743: The Liberal Party throughout his political career. He was a member of the Council of the British Empire League . On one of the main policy questions of the day, he was opposed to the idea of votes for women being a member of the National League for Opposing Women's Suffrage . When the Bill making women eligible for election to Parliament was going through the House of Commons in 1918, Henry moved an amendment to ensure they should not be able to stand for Parliament until they had reached

1269-732: The Unionists in January 1910 with a slightly reduced majority of 1,189 votes; and again in December 1910 this time by a majority of 1,118. The constituency was abolished for the 1918 general election and Henry switched his candidacy to the newly created seat of The Wrekin when he was returned unopposed as a supporter of the Coalition government . Both Henry's personal and political lives were intertwined with that of David Lloyd George. When Lloyd George formed his coalition government with

1316-522: The United States on January 1, 1997. LLCs are subject to fewer regulations than traditional corporations, and thus may allow members to create a more flexible management structure than is possible with other corporate forms. As long as the LLC remains within the confines of state law, the operating agreement is responsible for the flexibility the members of the LLC have in deciding how their LLC will be governed. State statutes typically provide automatic or "default" rules for how an LLC will be governed unless

1363-420: The United States, is sometimes different. When an LLC is formed, it is said to be "organized", not "incorporated" or "chartered", and its founding document is likewise known as its " articles of organization ", instead of its " articles of incorporation " or its "corporate charter". Internal operations of an LLC are further governed by its " operating agreement ". An owner of an LLC is called a "member", rather than

1410-726: The age of 30 years, the same age as voting eligibility. He also favoured conscription , campaigning for it before its formal introduction during the war, being a signatory to the National Service Manifesto published in August 1915. In the New Years Honours list for 1911, Henry became a baronet with the creation of the Henry Baronetcy , of Parkwood in the County of Berkshire . He also served as

1457-597: The classification of unincorporated business associations for the purpose of U.S. federal income tax law was governed by the " Kintner regulations", which were named after the prevailing taxpayer in the 1954 legal precedent of that name. As promulgated by the Internal Revenue Service (IRS) in 1960, the Kintner regulations set forth a complex six-factor test for determining whether such business associations would be taxed as corporations or partnerships. Some of these factors had equal significance, so that

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1504-477: The flexibility that they provide to business owners; depending on the situation, an LLC may elect to use corporate tax rules instead of being treated as a partnership, and, under certain circumstances, LLCs may be organized as not-for-profit. In certain U.S. states (for example, Texas), businesses that provide professional services requiring a state professional license, such as legal or medical services , may not be allowed to form an LLC but may be required to form

1551-412: The form of a fund of one million pounds for the endowment of Jewish religious education and the possible erection of a college for Jewish learning at Oxford or Cambridge . In 1882, Henry established the firm of C S Henry & Co. of London, metal merchants and copper importers of which he became managing director. The undertaking was converted into a Limited Liability Company in 1902. The venture

1598-507: The implied covenant of good faith and fair dealing). Under 6 Del. C. Section 18-101(7), a Delaware LLC operating agreement can be written, oral or implied. It sets forth member capital contributions, ownership percentages, and management structure. Like a prenuptial agreement, an operating agreement can avoid future disputes between members by addressing buy-out rights, valuation formulas, and transfer restrictions. The written LLC operating agreement should be signed by all of its members. Like

1645-421: The members) or as an S corporation (entity level income and loss passes through to the members). Some commentators have recommended an LLC taxed as an S-corporation as the best possible small business structure. It combines the simplicity and flexibility of an LLC with the tax benefits of an S-corporation (self-employment tax savings). Some legal scholars argue that corporate income taxes are intended to limit

1692-480: The next election. Henry was selected to stand in the constituency at the 1906 general election . His opponent, Hildebrand Harmsworth , had the benefit of the public support of Liberal Unionist leader, Joseph Chamberlain , but Henry secured the support of David Lloyd George to speak in Wellington on his behalf. Henry won the seat with a majority of 1,692 votes. Henry held his seat in a straight fight against

1739-400: The operating agreement provides otherwise, as permitted by statute in the state where the LLC was organized. The limited liability company has grown to become one of the most prevalent business forms in the United States. Even the use of a single member LLC affords greater protection for the assets of the member, as compared to operating as an unincorporated entity. Effective August 1, 2013,

1786-560: The power of corporations and to offset the legal benefits corporations enjoy, such as limited liability for their investors. There is concern that LLCs, by combining limited liability with no entity-level taxation, could contribute to excessive risk-taking and harm to third parties. Although there is no statutory requirement for an operating agreement in most jurisdictions, members of a multiple member LLC who operate without one may encounter problems. Unlike state laws regarding stock corporations, which are very well developed and provide for

1833-650: The presence of only half of them would result in classification as a partnership. Accordingly, the Wyoming Legislature tailored its statute to grant LLCs particular corporate features without exceeding this threshold. For several years, other states were slow to adopt the LLC form because it was unclear how the IRS and courts would apply the Kintner regulations to it. After the IRS finally decided in 1988 in Revenue Ruling 88-76 that Wyoming LLCs were taxable as partnerships, other states began to take

1880-597: The primacy of the party's commitment to Irish Home Rule . In domestic affairs they advocated the concept of 'national efficiency'. However Chelmsford was a safe Unionist seat, the previous member having been returned unopposed in 1895 and Henry's opponent was elected with a majority of 3,129 votes. By 1905 it had become known that Sir A H Brown , the Liberal Unionist MP for the Wellington Division of Shropshire wished to stand down at

1927-403: The primary characteristic it shares with a partnership is the availability of pass-through income taxation . As a business entity, an LLC is often more flexible than a corporation and may be well-suited for companies with a single owner. Although LLCs and corporations both possess some analogous features, the basic terminology commonly associated with each type of legal entity, at least within

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1974-735: Was also sometime president of the British Section of the Inter-Allied Parliamentary Committee. Henry died, aged fifty-nine, at his London home, 5 Carlton Gardens, SW1, on 27 December 1919. He had been ill for several months. His son having predeceased him, he had no heir and the Parkwood baronetcy became extinct. After cremation at Golders Green Crematorium , his ashes were buried at Willesden Jewish Cemetery on 31 December 1919. Limited Liability Company A limited liability company ( LLC )

2021-536: Was clearly a great success as by 1915 he was being described as a millionaire, and Frank Owen a biographer of David Lloyd George , wrote of Henry that he was a self-made man who had made a fortune in South Africa. During the First World War he undertook a number of missions for the government accomplishing important work in the United States of America and Sweden . At his own expense he equipped

2068-519: Was concerned that there had been a lot of gossip about Lady Julia and Lloyd George and this may have delayed her husband's getting his knighthood . Frances Stevenson certainly believed that Lloyd George had not only been close to Lady Henry but that Lady Henry herself was clearly in love with him, describing her as 'quite mad' about him. After Frances Stevenson started working for Lloyd George in 1911 and he began to become attracted to her, Lloyd George determined to stop any dalliance with Julia Henry. She

2115-423: Was distressed by what she saw as a public snub and fled back to America, writing to her husband that she never wanted to be alone with Lloyd George again. It seems unlikely that Henry himself was aware of anything going on from Lloyd George's side. If anything he seems to have thought it was all in his wife's mind and believed she was exaggerating their relationship. It is also clear that Lady Henry's hurt feelings had

2162-540: Was educated at St Marylebone and All Souls Grammar School in connection with King's College London and at the University of Göttingen . On 3 March 1892, he married Julia Lewisohn of New York City, the daughter of Leonard Lewisohn (1847-1902) a wealthy American mining magnate. They had one son, Cyril, who held a commission in the Worcestershire Regiment (Special Reserve) and who was killed at

2209-407: Was ill and dying in 1919, despite Lady Henry's making a scene and her trying to use his visits to her advantage with other members of the social set. However the final breach with Lady Julia came the year after Henry's death in recriminations over Lloyd George's alleged misuse of £20,000 donated by American friends of the Henrys for British war charities. Henry appears to have stayed on the right of

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