This article focuses on the possibility of Limited Liability Company (LLC) members facing personal liability for LLC taxes. Although all LLC statutes contain general language, shielding the protected parties from the debts, obligations, and liabilities of the LLC, the enabling statutes of some states...
LLP (Limited Liability Partnership有限责任合伙）LLP中的合伙人，在法律上只在两种情境下才需要用个人财...
LLC is a business structure that combines the limited liability of a corporation with the flexibility of a partnership, where owners (members) are generally protected from personal liability for the company’s debts and obligations, and have options for pass-through taxation. LLC是一种结合了公司有...
LLC members are protected from personal liability for business debts and claims. That means a creditor cannot sue to recover a member’s personal assets if the business can’t pay its debts. The members only lose their monetary investment. However, if a member commits an act that is legally...
A central purpose of both an LLC and an LP is to limit the owners' personal liability, but they do not provide the same degree of protection. With an LLC, all of the members generally obtain limited personal liability. The members may also participate in the management of the business and...
If you have a Multi-Member LLC, the IRS will tax your LLC like a Partnership. Keep in mind, this has nothing to do with your liability protection. You are still operating as an LLC and have its full personal liability protection. The IRS is just taxing it like a Partnership....
general partnership, creditors can seize your bank account to pay the business's debts. LLCs and LLPs limit the liability to protect your personal assets. The shield isn't unlimited, though. If someone sues you for a criminal or negligent business act and wins, your personal assets are ...
A limited liability company (LLC) is a legal business structure that combines elements of a corporation and a partnership. Here’s a look at how LLCs work.
As earlier stated, an LLC is an independent legal business entity that can acquire assets, apply for loans, bid for contracts, and be sued in court. Members are immune from personal liability for the LLC’s and its other members’ actions. Lenders cannot seize theowners’ assets[1]to satis...
Still, LLC advantages are consistent: personal liability protection, flexibility in operational and taxation structure, wide eligibility, and more. LLCs also have several advantages over sole proprietorships and general partnerships. As you figure out if forming an LLC is right for your business, ...