Limited Liablity Company
Incorporated
2006-08-18 21:07:04 · 3 answers · asked by ••Mott•• 6 in Politics & Government ➔ Law & Ethics
What is the real purpose of each?
2006-08-18 21:11:28 · update #1
What am I trying to get at? I have a lawsuit, actually ONE turned into THREE. Me, an individual Vs. the LLC's One LLC owned by another LLC... Me Vs. 3 Lawyers... 3 Lawyers Vs. Me, an individual- pro se'. I want to depose the "people" involved, since the LLC really did not misapproprite my money and cause me other hardships. Is that something, I can do? Can I depose the individual memers of the LLC's? It has to do with a nominative use of a new condo development here in Miami Florida called Beach House Designed by Richard Meier. http://www.BeachHouseSurfside.com
2006-08-19 05:00:43 · update #2
While I am not familiar with Florida's rules of civil procedure (assuming you would not be in federal court pro se in a matter like this), a party can generally order the deposition of any person likely to have knowledge relevant to the dispute, whether or not that person is actually a party to the lawsuit -- directly or indirectly, through their ownership of a business that is a party. If someone might know something relevant, they can generally be made to talk.
I know this is not responsive to your "LLC vs. corporation" question, but that one has a huge answer and doesn't seem on point to what you're really after. If you want to explore business entity types, I recommend findlaw.com, which has good resources on these things. With all respect, I should also say that it worries me that you are proceeding pro se with so little basic legal knowledge to guide you; I would kindly recommend you seek the services of a licensed attorney in your community.
2006-08-19 12:14:47 · answer #1 · answered by BoredBookworm 5 · 1⤊ 0⤋
LLC stands for Limited Liability Company. An LLC actually combines aspects of partnerships and corporations, so an LLC is less formal and more flexible than a typical corporation, yet offers protection as well as certain advantages that are much the same. For example, members cannot be found personally liable for company debts. Their assets are separate from the assets of the LLC so they cannot be seized. One of the advantages of an LLC is that taxation is based on the partnership model. Flow-through taxation is advantageous since members are only required to pay taxes on their earnings once instead of paying both corporate and individual taxes.
2006-08-19 07:47:19 · answer #2 · answered by Carl 7 · 1⤊ 0⤋
Once again, chslaw is absolutely correct as to the general theory.
One caveat -- the relevant laws vary by state, so for any given state, the terminology and the formation process might be slightly different.
2006-08-19 11:33:09 · answer #3 · answered by coragryph 7 · 1⤊ 0⤋