2007-07-21 06:15:43 · 6 answers · asked by Anonymous in Politics & Government ➔ Law & Ethics
Limited Liability Corporation.
2007-07-21 06:27:58 · answer #1 · answered by webned 6 · 0⤊ 0⤋
LLC stands for either Limited Liability Company or Limited Liability Corporation, depending on the state.
Lawyers (and some other professionals) are not allowed to fully incorporate, because of state laws that don't want them too far removed from liability for their actions. An LLC creates some insulation against frivolous suits or non-professional negligence actions (someone tripping on the carpet or slipping in the driveway), but still allows the lawyer to be sued for malpractice.
2007-07-21 14:05:08 · answer #2 · answered by coragryph 7 · 0⤊ 0⤋
If that is LLC, it means limited Liability Company...Notice how nicely LLC goes with Fly By Night...LLC's are a yet to be (truly) tested way of forming a company and having the same protections of a corporation IE: not losing your personal assets if the company is sued, while not having to file articles of incorporation and all the other rigmarole that goes with forming a corporation..
2007-07-21 13:27:09 · answer #3 · answered by Anonymous · 0⤊ 0⤋
Say there are there are three lawyers in the firm, Mr. A, Mr. B, and Mr. C.
Say Mr. A, commits malpractice and you end up getting the death penalty over a parking ticket. In the wrongful death action, your family could sue the ABC law firm and Mr. A personally, but not Mr. B or Mr. C personally.
In other words, Mr. B and Mr. C do not have to worry about losing their home, life savings, etc, over Mr. A's malpractice.
2007-07-21 13:37:17 · answer #4 · answered by Top 99% 3 · 0⤊ 0⤋
It means "Limited Liability Company."
2007-07-21 13:19:44 · answer #5 · answered by Mark 7 · 2⤊ 0⤋
Licensed to Loot your Cash
2007-07-21 13:37:42 · answer #6 · answered by gary12850 2 · 0⤊ 0⤋