A Limited Liability Company combines some of the features of a corporation and some of the features of a partnership. Like a corporation, it protects ownership from liability for debts or other obligations, such as judgments, incurred by the business entity. The LLC has the tax advantages of a partnership. Corporations pay taxes on profits before distributing those profits to stockholders, creating a double tax burden.
Visit Cumbria for an experience like no other in England. The market towns of Kendal, Keswick and Cockermouth offer a unique shopping experience for the urban dweller, and the busy lakes of Windermere and Ullswater provide ample opportunity for boating or watersports.
Wiktionary(3.50 / 2 votes)Rate this definition: Cumberland(ProperNoun) A maritime traditional county of England, bordered by Dumfries-shire, Roxburghshire, Northumberland, County Durham, Westmorland, Lancashire and the Irish Sea; part of Cumbria for administrative purposes. A city in Allegheny County, Maryland, USA. Cumberland, Maryland is the county seat of Allegheny County.