The Limited Liability Company Act provides for the operation of a limited liability company, also known as a limited duration company. This form of unincorporated association? has some features of a company, including capacity to sue and be sued, separate legal identity, ability to own and transfer property, and limited liability of members. It also has some of the features of a partnership and, if correctly structured, United States tax laws treat it as a "pass through entity", so that only the members, and not the entity, are subject to tax. This entity, based on a concept first enacted in Wyoming in 1977 and the subject of subsequent favourable IRS revenue rulings, has now been legislatively created in many states in the United States. The Anguillian legislation is modelled on the Wyoming and Delaware legislation. The Anguilla Limited Liability Company can be of limited duration or have a perpetual life.