Business Incorporation Your Guide To The Best Online Resources
Just what is an LLC? Here’s a definition from Lectric Law Library’s Lexicon:
A business structure that is a hybrid of a partnership and a corporation. Its owners are shielded from personal liability and all profits and losses pass directly to the owners without taxation of the entity itself.
What should you now before joining in an LLC?
Forming a limited liability company is more complex than forming a partnership, but is less complicated than forming and operating a corporation. Forming a limited liability company is a formal process.
In a limited liability company, a member’s legal liability is limited to his or her investment in the business. Generally, a member’s personal assets are not at risk, but a member’s personal assets may be at risk if any of the following occurs:
A member personally guarantees a business debt.
The form of business is found to be a sham (not properly formed or maintained).
A member becomes personally liable as a result of his or her own acts or conduct.
Having said that, here are a few links to...
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