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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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On Forming an LLC in a State with Greater Privacy Protection

I live in Virginia and plan on starting a small LLC publishing company. For privacy reasons, I would like to establish the LLC, in either Delaware or Wyoming which does not require the name nor the ...
Jethro's user avatar
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-4 votes
1 answer
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Does working under the name of a company protect me when it comes to working under my own name?

If we have a computer programmer who also happens to be a fitness athlete, and decides to develop a fitness application to help people manage their weight and daily activities, including creating ...
best_of_man's user avatar
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1 answer
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Is there a need to formally register activities performed under an LLC?

For area, consider North Carolina, if it has any impact. Forms that I have seen for establishing an LLC require contact information but no actual description of the LLC's activities. Is there a need ...
pixelearth's user avatar
0 votes
1 answer
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I am the Manager/owner of a Michigan LLC and need to take legal action in Michigan to collect unpaid tenant rent [closed]

I am the Manager/owner of a Michigan LLC which owns several rental properties. I need to take legal action in Michigan to collect unpaid tenant rent... about $8000 overdue Do I have to hire an ...
Burkhart's user avatar
0 votes
1 answer
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Do assets custodied by a trustee form part of the Bankruptcy Estate if the trustee enters Chapter 11 Bankruptcy [closed]

I own some securities giving me a beneficial interest in an LLC (let's call it LLC A) which were issued to another LLC (let's call it LLC B) as a custodian and trustee. LLC B has entered Chapter 11 ...
user53910's user avatar
1 vote
0 answers
38 views

LLC Officer and Meeting Requirements

If an individual forms a LLC, and that individual has no staff or employees, is he required to appoint himself as an officer, hold meetings, or conduct similar activities? Jurisdiction: U.S.
Paredon's user avatar
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4 votes
1 answer
291 views

Why would a 501(c)(3) nonprofit organization run its major operations in an LLC?

I was looking into the corporate structure of the Signal App, and it's very strange from the non-lawyer (IANAL) perspective. The parent organization is a 501(c)(3) nonprofit, but the app is developed ...
Betsy Dupuis's user avatar
1 vote
2 answers
177 views

Can I use words like "Laboratory" or "Pharmacy" in my website or company name?

Is it illegal to use "pharmacy" or "laboratory" words in the name of an LLC or website that is not related to a real pharmacy or laboratory? i.e. using "healthlaboratory.com&...
GoodMan's user avatar
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-2 votes
2 answers
140 views

How to programmatically Register a Company and Are There APIs Available for Fast Registration?

I am currently exploring the process of registering a company in various countries, and I'm interested in understanding how to do this programmatically or through APIs to streamline the registration ...
János's user avatar
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0 votes
1 answer
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Restrictions on incorporating a limited liability company abroad?

Let's suppose that a country (A) adheres to the incorporation theory. Could it be, that founding a (limited liability) company in another incorporation theory country (B) by a resident of A, and ...
stf's user avatar
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1 answer
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What is the difference between the seat theory and the incorporation theory?

In corporate law, what is the difference between the seat theory and the incorporation theory? Where do I find the list of countries (jurisdictions) adhering to each?
stf's user avatar
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What happens to a company’s ongoing contractual liabilities if the company is terminated?

ACME signs a service contract with a minimum term of 18 months. Acme then winds up and folds. What happens to a company’s ongoing contractual liabilities when the company gets terminated? Just to ...
TylerDurden's user avatar
2 votes
1 answer
52 views

Why does an LLC have to be filed with most or all states but not an LP?

For example, in New Mexico, California, and Montana, one must create an LLC by filing through the state government. But as far as I know, none of those states require the same for a Limited ...
geronimo's user avatar
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-3 votes
2 answers
108 views

Does running your own limited liability company constitute employment? [closed]

What exactly is "employment"? Does running my own limited liability company (GmbH or similar) constitute "employment"? I am asking this because my (Swiss) employment contract (...
stf's user avatar
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2 votes
1 answer
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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 ...
FDS's user avatar
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1 vote
1 answer
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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 ...
giorgio79's user avatar
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1 answer
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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 ...
PurplePenguin's user avatar
1 vote
2 answers
140 views

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 ...
cdog1351's user avatar
1 vote
0 answers
67 views

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 ...
user127776's user avatar
3 votes
1 answer
68 views

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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1 answer
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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 ...
N00b101's user avatar
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1 vote
1 answer
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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 ...
N00b101's user avatar
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-1 votes
1 answer
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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?
N00b101's user avatar
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5 votes
2 answers
533 views

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 ...
N00b101's user avatar
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12 votes
3 answers
3k views

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....
Gabriel's user avatar
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1 vote
1 answer
117 views

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 ...
Gabriel's user avatar
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2 votes
1 answer
87 views

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 ...
N00b101's user avatar
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3 votes
1 answer
253 views

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 ...
N00b101's user avatar
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0 votes
0 answers
80 views

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 ...
DDS's user avatar
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4 votes
1 answer
151 views

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 ...
N00b101's user avatar
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15 votes
3 answers
8k views

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 ...
DDS's user avatar
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2 votes
1 answer
359 views

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 ...
Coo's user avatar
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1 vote
0 answers
56 views

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?
Faito Dayo's user avatar
2 votes
2 answers
114 views

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 ...
hotmeatballsoup's user avatar
0 votes
1 answer
110 views

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 ...
Devin's user avatar
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9 votes
3 answers
5k views

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?
Someone's user avatar
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1 vote
1 answer
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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 ...
Evorlor's user avatar
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1 vote
1 answer
235 views

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 ...
pushkin's user avatar
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0 votes
2 answers
143 views

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 ...
Someone's user avatar
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1 vote
1 answer
64 views

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-...
Someone's user avatar
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1 vote
3 answers
113 views

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 ...
Someone's user avatar
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1 vote
1 answer
58 views

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 ...
Prakash_S's user avatar
0 votes
3 answers
265 views

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, ...
pushkin's user avatar
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-2 votes
1 answer
85 views

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 ...
jfcabreras's user avatar
1 vote
1 answer
108 views

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?"
user avatar
4 votes
2 answers
867 views

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 ...
Someone's user avatar
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2 votes
1 answer
78 views

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 ...
jfcabreras's user avatar
1 vote
1 answer
212 views

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. ...
YulePale's user avatar
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2 votes
1 answer
251 views

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 ...
Someone's user avatar
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3 votes
2 answers
103 views

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 ...
harvey's user avatar
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