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What is a limited liability company or llc? – an llc is a legal form of business that has characteristics of both corporations and a partnership. In other words the owners of the business cannot be held fully responsible for any debts that the business occurs or actions taken on its behalf.

This form of business offers limited liability protection to its owners. – this type of business form is best suited for small businesses with that have a small number of owners and preferably just one. Well for starters the owners of an LLC are not partners or shareholders like they are in other forms of business they are members and every LLC has to have at least one member. So what are some of the basic characteristics of a Limited Liability Company? Members of an LLC cannot be held personally liable for the debts of the company. Just don’ t make the mistake of signing any documents where you provide your personal guarantee that the company will pay a bill or honor an agreement.

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If you are operating more than one company, it’s a good idea to use separate LLCs for each one. The reason: Liability against each company becomes self-contained. If there is a problem at one location, your other companies are fully protected and are not impacted by actions against the property experiencing trouble.

If you already own a business, and are thinking about buying property for the business–perhaps a professional building from which to operate–watch out. You can, of course, have the practice buy the property, but this usually isn’t a good idea. It is advisable for you to buy the property yourself, using an LLC, and then lease it to your practice. In this way, you retain maximum flexibility over buying and selling the property. What’s more, if there are any legal actions against your company, you can better protect the separate property owned by the LLC. This same strategy works if your business is, say, an incorporated manufacturer that wants to own the plant or a retailer in a strip mall.

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Anatomy of a limited liability company operating agreement – what must be there – the limited liability company operating agreement is like the body of law for an llc business. There are some things that are so important to have in your Limited Liability Company Operating Agreement.

They exist to preserve order and prevent disruption and chaos which can be fatal to your business. – who owns how much of the llc. You have started an LLC to build a successful business to create income and hopefully financial freedom for you and any of your LLC business partners. I cannot tell you how many times I have seen a Limited Liability Company Operating Agreement that did not have provisions stating how ownership in the limited liability company is determined. If you do not spell out who owns what and what you get for the ownership, then when the LLC business starts creating income and becoming of value, there will be dispute and disruption. WHO HAS THE RIGHT AND OBLIGATION TO MANAGE THE LLC BUSINESS. Make sure ownership is clearly spelled out in the Limited Liability Company Operating Agreement.

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An affordable and very effective method to shield your assets from attack is to transfer your rental property to a Limited Liability Company (LLC). Holding title to investment property through an LLC limits the liabilities of the business to only those assets held within the LLC. In the same way as shareholders of a corporation are shielded from liability, a properly formed LLC will guard its owners from lawsuit liability, including liability from acts of its employees and agents.

There are several significant benefits the California LLC can provide to you or your investors. The LLC creates a risk barrier which encourages apartment ownership, yet shields the owner’s personal assets from lawsuits and seizure. The double taxation and extensive formalities inherent with traditional corporations are eliminated. When legal action such as an eviction is required against a tenant, it is the LLC, rather than the individual owner, that pursues the claim. In addition, the landlord’s privacy is enhanced because rent checks are made payable to the LLC, lease agreements are between the LLC and the tenant, and correspondence comes from the LLC.

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An LLC, or limited liability company, can be considered to be a marriage between a corporation and a partnership. Basically, with an LLC you get many of the same benefits that a corporation enjoys, without the majority of the formalities that come with a corporation.

The multiple owners, called members, of an LLC get treated like a partnership for tax purposes. It passes through taxes on income directly to its members, so, unlike a corporation, the LLC itself never pays taxes.

Income from an LLC is taxed only once because it passes straight through the business, onto the owners. Therefore, an LLC does not suffer from the double-taxation issue that a corporation deals with. But, an LLC still pays any payroll taxes required by the federal and state governments.

The way that income taxes are paid by you, as a member of an LLC, is decided when you initially set up the LLC. You choose between taxed as a C corporation, an S corporation, or as a sole proprietor. The beauty of an LLC is that you get to decide how you are going to be taxed.

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New business entrepreneurs form hundreds of thousands limited liability corporation entities each year in the US alone. This is because it is evident that business entrepreneurs need protection when running a business. Without the use of an asset protection entity such as an limited liability corporation, you are placing your home and all your personal belongings at risk for loss due to your business transactions.

Every day thousands of legal actions are filed and unprotected business entrepreneurs are finding themselves defending everything they own in court. This issue can be greatly solved by using a proper legal entity for your business. When you form an LLC before you launch a business, you are creating a legally qualified layer of protection between your personal assets and finances and the assets and activity of the business.

This is one of the primary reasons the limited liability corporation was enacted by all states. State legislatures realize the risk of knew that small business is helpful to our economy and it is the best way for people to secure their financial security and independence. Accordingly, the limited liability corporation was created specifically to cater to the small business owner.

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There are thousands of solo owned businesses in the United States. When the limited liability company was first created, many states did not allow a single owner to form a limited liability company. However, state legislatures came around because single owners need as much protection as others when it comes to running a business.

Without an entity such as an LLC, the sole proprietor business owner risks everything he owns now and in the future. This is a huge risk to take for anyone especially given the lawsuit crazed society we live in. Accordingly, the single member LLC is now the best liability protection vehicle for the sole owner. It is the cheapest and easiest way for a business owner to get legal asset protection without having to deal with a lot of complexity and costs.

However, it is essential that every single member LLC adopt a formal written single member LLC operating agreement. This important step can mean the difference between full protection and losing all protection. Why? Because a solo owned LLC has an increased chance of losing its protection due to the owner not doing enough to run his business through the limited liability company.

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Today, a well know legal professor (expert in business organizations law) filed a brief in a landmark Florida case that addresses a fundamental single member LLC matter. If the court agrees with his position, this could mean the definitive end to any charging order protection for the single member LLC.

State LLC laws have never differentiated between a limited liability company that has one member and one that has multiple members when it comes to liability protection. It is well recognized that every LLC provides a layer of protection stating that owners are not personally liable for business liabilities merely because they are owners. This is known as forward liability protection.

However, an LLC in most states also offers what is known as reverse liability protection or charging order protection. This protection basically states that if a member is personally sued for a non-business related obligation and is found liable, the creditors cannot take full ownership of the member’s LLC interest in the LLC. The creditor’s rights are limited to the economic interests. In effect, this allows the member to retain the control he had in the LLC business.

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In 1991, the Virginia legislature passed the Virginia Limited Liability Company Act which provided a new legal entity alternative for business owners in Virginia. Accordingly, most small business operated without the use of a legal entity and this created an unlimited personal liability situation for its owners. While there has always been the alternative of starting a corporation for business, the complication and compliance requirements of a corporation turned off many small business owners.

The Virginia limited liability company offered business owners the same liability protection as the Virginia corporation but with much more simplicity when it came to governance. For one thing, the limited liability company does not require centralized management or a Board and has no meeting mandates.

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Solo owned businesses make up the largest percentage of business in the US. However, when the LLC laws were first passed, some states did not allow for a single owner to get the protections of this legal entity.This did not make sense and so now all states allow a limited liability company to be owned by just one member. Solo owners need protection just as much as others.

A sole proprietorship business, which is one operated without the benefit of a legal entity, causes the solo business owner to place everything he owns at risk of loss. This stifles new business growth. The single member LLC is the ideal entity for these solo owned ventures because they are very affordable to form and easy to operated and maintain. Now, solo owners can get the personal asset protection they need.

However, the single member limited liability company must have an official and written single member LLC operating agreement. This is because the liability protection is more vulnerable in a single member LLC.

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Good intentions are no longer enough; good Samaritans who deliver emergency care at the scene of an emergency can be held liable for civil damages, the California Supreme Court ruled Dec. 18.

The court ruled that Northridge resident Lisa Torti, who pulled her co-worker Alexandra Van Horn from a wrecked car and allegedly caused her to become paralyzed, isn’t immune from civil liability because the care Torti provided wasn’t medical, the Los Angeles Times reported.

The divided 4-3 court decision appears to be the first to imply that someone who intervenes in an accident in good faith can be sued and that rescue efforts are the responsibility of trained professionals, according to the Times.

The Health and Safety Code says “no person who in good faith, and not for compensation, renders emergency care at the scene of an emergency shall be liable for any civil damages resulting from any act or omission.” Although the passage does not use the word “medical,” the passage appears in a section that addresses emergency medical services, and lawmakers intended for it to protect only those who provide emergency medical care, Justice Carlos R. Moreno wrote for the majority.

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Ive already posted several times regarding “Asset Protection” and the need to protect your assets in today’s society. Each post has generated similar questions about protection your homes and property; however, protection needs to be a two-way street. Most people have assets which could be lost if not protected and in many cases LLCs and Corporations don’t do the trick. Let me explain why.

We understand an LLC is a Limited Liability Corporation. It’s designed to limit YOUR liability from a property or asset. If you have an LLC and the company owns your rental property, you are protected if someone falls and gets hurt at your house. If the liability attaches to the house, the liability may not pass to you.

HOWEVER, if you have a personal liability, many states allow that liability to attach to property which is held in an LLC. In other words … you may be protected from your asset, but your asset may not be protected from you. Your property or asset may still be at risk and you didn’t even know it.

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Personal asset protection is a plan to protect one’s possessions in the case of a civil lawsuit judgment that goes against him. Liability lawsuits are a common practice against many professions whose activities imply a large risk. Doctors, pilots and other professionals whose activities can put them at risk need to have personal asset protection in the event that a financial lawsuit judgment is more than their insurance coverage. For example, if a physician is sued for five million dollars and his liability coverage is only four million, he could lose his house and all personal possessions. Yet it is not just the doctor or pilot who has the risk of losing his home and possessions. In the event a person is in an auto accident and is sued for being the cause, the final financial judgment could be much more than the liability coverage a person has to protect them. And in this case, a person’s house could be taken along with all belongings.

Without a doubt, a higher ceiling of liability protection is the best defense against property seizure. Most people opt for a low amount of personal asset protection or liability coverage on their car insurance policy, simply to lower the premium payment. This is understandable, but for a few dollars more each month, the liability protection could be raised considerably, and that might be the difference between keeping and losing a person’s personal property in the case of a tragic circumstance. A person needs to rethink their insurance issues if they have a large personal estate and very low liability coverage. This high low ratio is just a rotten circumstance waiting to happen.

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