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That means the owners are protected from company failure because the company is legally considered a separate entity. It blends the features of a partnership with a traditional corporation. LLC is a US term for this, but other countries have their own version. Germany has a GmBh and KG, and a US LLC is somewhere in the middle of those.
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What does federal law say about departmental accountable official?
DoD may use them; if they are used, they only have limited pecuniary liability.
What does federal laws say about certifying officers?
DOD must use them, and they have limited liability.
Is it illegal to say you are a limited company when you are not?
Yes, it would be a misrepresentation of the liability of the owners of the company (unlimited) if you falsely claim to be limited (e.g., Inc, Ltd, SpA).
What does federal law say about departmental accountable odfficials?
DoD may use them; if they are used, they only have limited pecuniary liability.
How can liabilities become assets?
On a personal level, say credit card debt, a liability cannot become an asset to the same person. However a liability for you is an asset for someone else under accounts/notes receivable. In business, an unreceived revenue account can be purchased from another business, thus removing the liability from the financial statements for that business.
What does it mean when they say you will be unusually successful in business?
what does it mean to be unusually successful in business
Can you own a limited liability company?
Who should form an LLC?You should consider forming an LLC (limited liability company) if you are concerned about personal exposure to lawsuits arising from your business. For example, if you decide to open a store-front business that deals directly with the public, you may worry that your commercial liability insurance won't fully protect your personal assets from potential slip-and-fall lawsuits or claims by your suppliers for unpaid bills. Running your business as an LLC may help you sleep better, because it instantly gives you personal protection against these and other potential claims against your business. Not all businesses can operate as LLCs, however. Businesses in the banking, trust, and insurance industry, for example, are typically prohibited from forming LLCs. In addition, some states, including California, prohibit professionals such as architects, accountants, doctors, and licensed healthcare workers from forming LLCs.People can own membership interests in a limited liability company, but do not directly own the assets of the LLC. If an LLC has a single member (which is now possible in all 50 states and the District of Columbia), you could say that the member "owned" the limited liability company, although technically he or she only owns the membership interest, not the LLC itself.
Do you need yearly liability insurance if you have a seasonal business?
I would say that you need a policy for the entire year. The reason I say this is because of claims purposes. A general liability policy can be a reasonable premium for the year. I have several markets with competitive rates now so they are out there.
Do liabilities arise from normal business practice?
Yes, they do. Liabilities always arise, if say it buys supplies but cannot pay for them, or if someone has an accident because of the business person's negligence. The important issue is whether the business's liabilities become personal liabilites of the person running the business. If a person runs a business in what is called a sole proprietorship or simple partnership, the company's liabilities will become those of the business owners. If the company goes out of business, the owner has to use his/her personal assets to pay them. If the business operates as a corporation, limited liability company or limited partnership, depending on state laws, that business's liabilities will not attach to the persons running the business except in extreme circumstances. If that business fails and goes out of business, the owners are not personally liable.
What are the advantages of a business?
Advantage of business is that you gain profit But often is your business doesnt succseed then you will lose money (especially if the liability falls directley to you) you can end up losing everything especially if you are say a sole trader etc.
How do you say liability in Netherlands?
The dutch words for liability is 'aansprakelijkheid' and 'verantwoordelijkheid'.
Should I be concerned if my dentist has llc after his name?
"LLC" or "llc" means "limited liability company". It is applied to a virtual person a "company or business". Say you dentist was called "Jones" then he could set up a company called "Jones dental practice" and if his practice was set up as a limited liability company, "llc" should be add after the name of the practice. However if your dentist is using "llc" after their name as a qualification, this is meaningless and if your dentist has no other qualifications then I would suggest you should be concerned - do not go there and ask the authorities in your country to investigate the dentist.
