Questions tagged [limited-liability-company]
A limited liability company (LLC) is a business structure in the U.S. that protects its owners from personal responsibility for its debts or liabilities. Limited liability companies are hybrid entities that combine the characteristics of a corporation with those of a partnership or sole proprietorship. Use the [business] tag for non-American jurisdictions
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NYC Warranty Deed - minimum documentation required for transfer to LLC
I have the need to transfer an apartment my wife and I own Fee Simple to a Multi-member LLC whose members are currently the two of us. I have prepared a standard Warranty Deed to do the transfer and ...
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IRS Form 5472 - What is a related party?
I am looking at the definition of a related party at https://www.irs.gov/instructions/i5472#en_US_202301_publink1000283641
and the definition includes further references to some sections? What are ...
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Payment made by LLC debit/credit card, but order placement done through a personal account [closed]
I recently formed a multi-member LLC, opened its bank account and have its debit/credit cards.
To buy inventories for the business, I logged into eBay/Amazon using my personal account, and then bought ...
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How much money can the owners of an LLC pay themselves to not be accused of "shielding funds from a lawsuit"?
(Context: This question is about US law). Let's say an LLC has two owners and it makes 300k a year in profit. The owners each pay themselves a (reasonable) 150k salary each year, leaving the assets of ...
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Transferring a property with personal mortgage to an LLC through a land trust
Let's say one has a property with a personal mortgage on it. This question is about transferring the property to an LLC. In order to avoid triggering accelerated mortgage payment, this is often done ...
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Should an LLC file a DBA for each YouTube channel name it owns?
Is it sufficient for the video descriptions to say that the LLC is the owner of the channel or does a DBA need to get filed in order to keep the limited liability protection?
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What triggers the need for a DBA exactly?
Lets say an LLC is named something generic like: "Iron Chimpanzee Company" and then the members decide to create three websites specifically for the sale of boats, steaks, and blind dates.
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Do online business LLCs have to foreign file in the state that the members live in?
If I live in Florida and want to form my LLC in Wyoming for the better protections, will Florida still make me foreign file?
The business is entirely online and I will be renting a cheap, physical ...
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Can I use a virtual mailbox on the physical and mailing address on an LLC's the articles of origination?
I’m thinking of using a virtual mailbox like this to get mail for an LLC I'm starting:
https://www.incfile.com/virtual-mailbox
It will prevent me having to put my home address on the articles of ...
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Is there a good reason to avoid services like LegalZoom and IncFile? [closed]
If I'm looking to create a simple LLC for an online business and can do the research myself on how to start and run it, is there a compelling reason I need an attorney to get started?
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How do you pay for LLC startup costs before it is formed without co-mingling funds?
If I need to pay for LLC startup costs (like a virtual address, email, and state fees) before I can create my LLC (or business bank account), what account should I use?
I'm concerned that using a ...
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Why do companies need to keep invoices for their business expenses as well as receipts?
I understand that when a limited company makes business expenses, it should keep track of invoices that their suppliers issue them, as well as receipts showing that the company has paid these invoices....
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What to do if I am personally invoiced for a business expense
I've formed a new limited company of which I am the director and sole shareholder. My understanding is that when I make business expenses, I should now ask the supplier to make out the invoice to the ...
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What happens if you don't foreign file your LLC in a state that you're operating in?
If you commit an act or accrue a debt that normally your individual assets would be shielded from having to pay as a member of an LLC, each of the individual members of the LLC are then on the hook ...
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Can the LLC for a YouTube channel be formed in any us state?
If I want to form my LLC in a state like Nevada or Wyoming because of the stronger protections, but I live in Florida will I have to foreign file in Florida because I'm uploading YouTube videos from ...
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Does an LLC Protect a Self-Publisher Personally from Inncocent Infringement of a Copyright?
This question is related to Legal Considerations When Self-Publishing a Book and motivated by comments made by David Siegel therein.
When self-publishing a re-typeset book, say on Amazon, that one ...
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Is an LLC with no assets effectively impervious to lawsuits?
For example, a millionaire forms an LLC to sell lemonade on the sidewalk and they put a job posting in the local newspaper where they specified that only a person of a particular ethnicity, marital ...
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Concealing One's Identity from the Public When Purchasing a Home
I have heard, that in the United States, some individuals are able to conceal their identities from the public when purchasing a home by setting up a LLC and buying the house through the said ...
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Have state governments in United States of America prosecuted limited liability companies for not buying worker's compensation insurance?
Have state governments prosecuted companies for not buying worker's compensation insurance?
Though employees would prosecute in the event of an accident, what else enforces companies to buy it?
Does ...
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Is it legal to open a company in Canada whose primary commercial activity is stock trading?
Is it possible for an individual in Canada to open a company whose primary activity is trading stocks? That is, a person trades stocks under the name of the company they open. Is it legal to do so?
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Forms for a NYS LLC to elect LLC/non-S Corp taxation
NY state (USA) here. If a 1-man NYS LLC wishes to elect S-corporation taxation status, they must file a Form 2553 with the IRS, and a Form CT-6 with the NYS Department of Taxation and Finance.
At a ...
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Scammed by partners. Is there something I can do? [closed]
I'll make it as brief as possible. Simply put, I knew this group of people who were building something (it had to do with IT). I knew they'd something, but I also knew they wouldn't get anything done ...
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Can you sue your own business?
If an employee of my LLC negligently causes injury to me in the course of their employment, can I sue my LLC, like a non-owner could?
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What is "ownership in the individual Series of a Series LLC that owns a home asset"?
I am looking into Arrived Homes, a real-estate investment site. (No affiliation.) I am trying to determine, if you invest, what happens when the home is sold. Their answer to the question "Who ...
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Can downpayment money be considered initial capital contribution?
If I invest money towards a property via a downpayment, and then form an LLC, would that downpayment money be considered initial capital contribution?
I can't find a clear answer online. It seems like ...
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How can a minor own and operate an LLC with as little adult involvement as possible?
Note: I am going to talk to a lawyer before I actually do this, but I would like to have some idea of the best option before I start.
If a minor wants to start a business selling things on eBay as an ...
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Can an LLC operating agreement specify that one member pays all the taxes?
Is it possible, in an LLC with two members, for all of the taxes to "pass through" to one of the members, resulting in the LLC having no effect on the other member's taxes? The non-tax-...
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Could a state refuse to recognize corporations from another state?
If one state wanted to refuse to recognize the existence of corporations and LLCs from another state, could they legally/constitutionally? Suppose Maine did not want to recognize New Mexico ...
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Sole Proprietorship and Dormant Limited Company in UK
I am currently operating as a Sole proprietor, while at the same time 'reserving' the name for a possible future Limited company. For the latter I have declared that name as being 'Dormant', in other ...
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How can you prevent someone from buying out your company and dissolving it the next day to screw you over (you have equity in the company)
I'm thinking about a hypothetical scenario.
Let's say someone wants to buy out your company (LLC if it matters) for $1 million.
Let's say you annoy the buyers by requesting some equity in the company, ...
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500+ multi member LLC, Non SEC registration needed, avoid classification as Investment Club
Let's say that I want to open a multi member LLC without needing SEC registration but staying compliant, for that case I'll appreciate you can help me with some questions please.
Let's say that the ...
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Is someone who is a "Chief Medical Officer" in an American company also a "Corporate Officer?"
Is someone who the owner approved as the "Chief Medical Officer" in an American company, LLC, Corporation, S-Corp also a "Corporate Officer?"
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Can you have a fiduciary duty to your own business?
If I am the sole member and manager of an LLC, do I have any fiduciary duty to the LLC? Would there be anything legally wrong with my intentionally wasting the company's money or doing something ...
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Tax requirements for LLC taxed as partnership all foreign members and non us sourced income
I was wondering which will be the forms required to be filled by a Wyoming LLC taxed as partnership, which it's revenue is not US sourced, so no withholding will apply and also all of it's members are ...
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In what circumstance would a holding company be legally liable if a subsidiary is sued or involved in an legal issues?
In what circumstance would a holding company be legally liable if a subsidiary is sued or involved in an legal issues?
Lets say you have a holding company that holds 10 companies then one gets sued. ...
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Can an LLC own itself in Oregon?
Can a manager-managed LLC be its own sole member in Oregon? (I would assume it couldn't be member-managed, because in that case, nobody could manage it.)
If so, how would you do this? Could the ...
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Can my company be its own registered agent?
I am applying for an LLC in NJ for a company called XYZ, and was wondering if I can use that same company name as the registered agent? Or can I just write "Registered Agent" as the name of ...
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Is there a type of LLC or company where new employees are automatically members?
An LLC can be filed with the owners as employees, but what about after? Every time you add a new employee who is to be part owner of the company, you'd have to re-file. Is there a way to avoid this? ...
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Is there such a thing as employee owned LLC?
There's employee owned companies, but I'm not looking to start anything quite so big. Is there a form of company like an LLC that's straight forward to file that will allow it to be employee owned?
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Can you retroactively pierce the corporate veil?
A business injures a customer. The customer sues and seeks to pierce the corporate veil and hold the business owner personally liable.
The customer is able to present evidence of misconduct satsifying ...
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does LLC liability insurance offer any protection against piercing the corporate veil?
I have seen a fair amount of information about operating an LLC and steps to take to avoid potentially piercing the corporate veil. I am wondering if liability insurance carried by an LLC plays any ...
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PLLC protection still intact if using personal credit card for expenses
Would using a personal credit card to buy things for a single-member PLLC risk weakening the protection it offers over personal assets, or is it fine as long as proper accounting is maintained?
It ...
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How to make an indie app to "belong" to the legal company?
Lets say I have a created an app that I now want to start a company for. Company will be a 1-person company who's only product will be this app. What will define that from now on the app's ...
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Create a company to manage my personal domain name
I own a domain name that has the format last-name.com, that is used primarily for personalised email addresses for my family. At the moment, I am the legal owner of the domain name and the ...
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Can any national European company do business in all other member states?
For example, could a limited liability company registered in a Baltic EU state offer services in Poland?
What I learn from the first comment to this question, this might depend for example on services ...
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Is an LLC Membership Certificate Legally Binding?
I'm wondering if an LLC Membership Certificate that has been signed by the owner of the company and promises a certain amount of stake in the LLC is legally binding/would hold up in court if there was ...
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Corporation tax and annual accounts for a closed UK company that lost money
Consider the following hypothetical scenario. Person A starts a limited liability company B in the UK, registered in England and Wales, through Companies House. Company B has expenses and some income, ...
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UK company A owns some listed shares. Can company A transfer the shares into company B as assets? What's the tax implication?
UK company A owns some listed shares (in a brokerage business account). Can company A transfer the shares into company B (same owner in both companies) as assets without selling them first?
Is it ...
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What can the Chairman of the board do if he is on bad terms with the majority shareholders / directors
Our (Australian Incorporated) company is growing and we have been suggested to hire an influential individual to be the Chairman of our board. He has a lot of connections, experience, old , mature ...
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Spin-off company with all parent's debt?
Out of curiosity, is it theoretically possible for a parent company to create a spin off company that holds all of its debt and no assets? Then the subsidiary spin-off company will declare bankruptcy ...
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