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If it has value, and can be transferred or liquadated with that value used to pay those who are owed money in the BK, I can't see why it wouldn't be. Nor why it shouldn't be. Limited Liability Companies are set up to limit liability in these situations similar to a corporation. If you are in bankruptcy or sued, generally creditors cannot take assets of the LLC if you are a limited member.
A company can be a limited or unlimited. Limited liability company is one which limits the liability of the members(shareholders) by (1) limited by shares or (2) limited by guarantee. Therefore Company limited by guarantee is a type of limited company which means the liability of the members' is limited by the guarantee given by them while becoming the member. The members have agreed to be liable to the company at the time of liquidation of the company upto an amount for which he is liable and does not have any other liability. Limited by shares means the member (shareholder) is liable for the value of the shares only. Members of the company with unlimited liability has unlimited liability for which they are liable even from their personal property if required.
A corporation is the type of business organization that has shareholders. Other organizations call the owners by other names such as a partner in a partnership and a member of a limited liability company.
A company can be a limited or unlimited. Limited liability company is one which limits the liability of the members(shareholders) by (1) limited by shares or (2) limited by guarantee. Therefore Company limited by guarantee is a type of limited company which means the liability of the members' is limited by the guarantee given by them while becoming the member. The members have agreed to be liable to the company at the time of liquidation of the company upto an amount for which he is liable and does not have any other liability. Limited by shares means the member (shareholder) is liable for the value of the shares only. Members of the company with unlimited liability has unlimited liability for which they are liable even from their personal property if required.
Yes they can be paid by the LLC as an employee just like any other employee.
A company can be a limited or unlimited. Limited liability company is one which limits the liability of the members(shareholders) by (1) limited by shares or (2) limited by guarantee. Therefore Company limited by guarantee is a type of limited company which means the liability of the members' is limited by the guarantee given by them while becoming the member. The members have agreed to be liable to the company at the time of liquidation of the company upto an amount for which he is liable and does not have any other liability. Limited by shares means the member (shareholder) is liable for the value of the shares only. Members of the company with unlimited liability has unlimited liability for which they are liable even from their personal property if required.
A sole proprietorship, by its very nature, offers no protection against liability. You can purchase insurance to pass certain types of liability to the insurance carrier, but the primary liability will continue to rest with the individual.To obtain limited liability, you will need an entity. The closest thing to a sole proprietorship is a single-member LLC. For Federal tax purposes, it is treated as sole proprietorship. You simply report the income on your 1040 Schedule C, just as if the LLC did not exist.Other choices include a corporation or an S corporation, both of which provide limited liability for shareholders.A sole proprietorship, by its very nature, offers no protection against liability. You can purchase insurance to pass certain types of liability to the insurance carrier, but the primary liability will continue to rest with the individual.To obtain limited liability, you will need an entity. The closest thing to a sole proprietorship is a single-member LLC. For Federal tax purposes, it is treated as sole proprietorship. You simply report the income on your 1040 Schedule C, just as if the LLC did not exist.Other choices include a corporation or an S corporation, both of which provide limited liability for shareholders.answer: unlimited
The general answer is "NO" since the whole reason that states enacted limited liability company statutes was to limit the liability of the owners of the LLC to the amount of their investment. However, a member of an LLC can be personally liable for debts of the LLC in certain specific cases. Some examples include: * a member is liable if he guaranteed the debt * a member can be liable if the debt was obtained through fraud * a member can be liable for the LLC's failure to pay over payroll taxes to the IRS * a member can be liable if he took money out of the LLC at a time when it was insolvent * a member can be liable under a "piercing the corporate veil" theory
A limited liability company (LLC):is a type of business ownership combining several features of corporation and partnership structuresis not a corporation or a partnershipmay be called a limited liability corporation, the correct terminology is limited liability companyowners are called members not partners or shareholdersnumber of members are unlimited and may be individuals, corporations, or other LLC'sA limited liability company is a corporate structure whereby the members cannot be held personally liable for the company's liabilities or debts. The laws that govern vary in different jurisdictions. It is similar to a corporation in some respects but not all. If you are interested in forming an LLC you should consult with an attorney who specializes in business law.In general, limited liability is a type of liability that cannot exceed the amount that has been invested in a partnership or limited liability company. Limited liability protects personal assets from the risk of being seized to satisfy creditor's claims, debts and other obligations. For privately or publicly held corporations, a shareholder's responsibility for the company's debts is limited to the par value of paid up shares. The company itself as a legal entity is liable for the rest.
Private Limited Company are on type of limited company. Thier business name ends in limited or LTD. In a business context, it is the abbreviation for "Limited", which in turn, is a short form of "Limited Partnership". The LTD designation is intended to give others who are doing business with the entity that at least one member of the partnership is a limited, rather than a general partner. In some countries it may be Limited Liability Liability Corporation, meaning about the same as "Inc." or "Corp." at the end of a corporate name in the U.S. in the UK a limited company is an entity in its own rights. There are various forms of limited companies. The company's memorandum and articles spell out what liability the directors and shareholders have should anything go wrong with the company or the company is wound up and the assets need to be divided. LLP is a modern form of a company were partners come together to form a Limited Liability Partnership (Companies Act 2006 UK).This type of company/partnership is used by solicitors. In specific contexts (such as performance of various sorts) it can also mean Life To Date. For example, "LTD, this mutual fund has achieved a 5% annualized return".
Yes, if you do business within an entity separate and apart from you as an individual. If you are a sole proprietor or a single member limited liability company, then no.
It depends. Unless the owners of the LLC elect to have it treated as a corporation, then an LLC which has at least two members is treated as a partnership and files a partnership tax return, Form 1065. If there is only one member of the LLC, then the IRS disregards the LLC as a separate tax reporting entity entirely. If the single member is an individual, then the member reports the LLC's income and deductions on the individual's person 1040, usually on Schedule C (for a business) or Schedule E (for real estate). If the single member of the LLC is a corporation, partnership or trust, it likewise files the information on its entity tax return (1120, 1120 S, 1065, 1041, etc...) If the members of the LLC file an election, the LLC may be treated as a corporation or an S corp. In that case, the LLC would file an appropriate return (Form 1120 or 1120 S).