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
101
questions
4
votes
1
answer
146
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 ...
- 151
1
vote
2
answers
126
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&...
- 441
-2
votes
2
answers
132
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 ...
- 117
0
votes
1
answer
18
views
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 ...
- 149
1
vote
1
answer
125
views
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?
- 149
0
votes
1
answer
86
views
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 ...
- 9,277
2
votes
1
answer
41
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 ...
- 121
-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 (...
- 149
2
votes
1
answer
80
views
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 ...
- 121
1
vote
1
answer
105
views
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 ...
- 121
-2
votes
1
answer
42
views
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 ...
1
vote
2
answers
124
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 ...
- 11
1
vote
0
answers
38
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 ...
- 121
0
votes
0
answers
48
views
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?
- 715
3
votes
1
answer
65
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.
...
- 715
1
vote
1
answer
40
views
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 ...
- 715
1
vote
1
answer
56
views
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 ...
- 715
-1
votes
1
answer
64
views
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?
- 715
5
votes
2
answers
349
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 ...
- 715
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....
- 259
1
vote
1
answer
101
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 ...
- 259
2
votes
1
answer
53
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 ...
- 715
3
votes
1
answer
194
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 ...
- 715
0
votes
0
answers
79
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 ...
- 1,125
4
votes
1
answer
141
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 ...
- 715
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 ...
- 1,125
2
votes
1
answer
351
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 ...
- 315
1
vote
0
answers
55
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?
- 121
2
votes
2
answers
101
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 ...
0
votes
1
answer
107
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 ...
- 111
8
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?
- 13.9k
1
vote
1
answer
73
views
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 ...
- 1,028
1
vote
1
answer
121
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 ...
- 313
0
votes
2
answers
135
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 ...
- 13.9k
1
vote
1
answer
58
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-...
- 13.9k
1
vote
3
answers
109
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 ...
- 13.9k
1
vote
1
answer
52
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 ...
- 13
0
votes
3
answers
192
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, ...
- 313
-2
votes
1
answer
68
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 ...
- 19
1
vote
1
answer
94
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?"
user44744
4
votes
2
answers
822
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 ...
- 13.9k
2
votes
1
answer
45
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 ...
- 19
1
vote
1
answer
101
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. ...
- 155
2
votes
1
answer
195
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 ...
- 13.9k
3
votes
2
answers
70
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 ...
- 153
0
votes
1
answer
56
views
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? ...
- 133
3
votes
2
answers
963
views
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?
- 133
1
vote
1
answer
133
views
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 ...
- 57.2k
1
vote
2
answers
162
views
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 ...
- 113
0
votes
1
answer
36
views
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 ...
- 181