2006-12-05 05:35:02 · 5 answers · asked by softsqueez 1 in Business & Finance ➔ Careers & Employment
A LLC simply means that it is a Limited Liability Company. Usually, when you own a business, you can be personally liable for the losses in that company (if the company goes under, your creditors can go after your personal assets to repay the debts). As a limited liability company, the creditors cannot go after your personal assets. This would also apply for lawsuits as well.
2006-12-05 05:42:04 · answer #1 · answered by jseah114 6 · 0⤊ 0⤋
LLC is a Limited Liability Corporation. It gives a small business owner certain protections, and shields the owner's personal assets from any legal judgments against the business.
2006-12-05 05:38:17 · answer #2 · answered by David545 5 · 0⤊ 1⤋
Keith is correct. It is very similar to a limited partnership. It is supposed to limit the liabilities of the investors in the Company. It is NOT a Corporation. There may be a better way to do a small company that is more time tested and court tested. That would be an S CORPORATION.
2006-12-05 05:43:17 · answer #3 · answered by golferwhoworks 7 · 0⤊ 0⤋
Limited Liability Company.
Instead of partners they are called members.
Each Member contributed capital and their liability in the company is limited to that investment. You will need a lawyer to help you set it up
2006-12-05 05:38:07 · answer #4 · answered by keith s 5 · 1⤊ 0⤋
limited liability corporation
2006-12-05 05:38:11 · answer #5 · answered by rodie5582 4 · 0⤊ 1⤋