Limited Liability Companies Lawyer Fall RiverLegal Matters Regarding Your LLC Business
A Limited Liability Company is a form of business organization that is registered with the Secretary of State, which combines the benefit of pass-through taxation for its members, in conjunction with the limited liability protection of a corporation.
The owners on limited liability company record there income and debts on their personal tax return, through pass-through taxation and are not subjected to being taxed as a separate entity like a corporation, but still afford the owners the same limited liability protection that a corporation affords. This protection, also known as “limited liability”, is one of the most important aspects of a limited liability company. Even though your company may be sued or acquire debts yawned its ability to pay, the owner or owners, will not be held personally liable and cannot be sued personally. Basically if your company get sued, you cannot be sued personally and have assets such as your home or money taken from you in a lawsuit, since a limited liability company is a separate entity, only a limited liability company can be sued.