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Tag: personal liability

Operating Agreements: 7 Reasons Why Your Single Member LLC Needs One

Operating Agreements: 7 Reasons Why Your Single Member LLC Needs One

Operating Agreements help an owner of a single-member limited liability company (SMLLC), in many ways. Two reasons for creating an SMLLC are tax breaks and limited liability.  In the same way a business owner must prove income tax deductions by keeping accurate records, holding onto receipts, and following rules and procedures. Having an operating agreement, helps demonstrate to the court the owner of an SMLLC plays by the rules. And therefore, shielded from liability. Not only does an operating agreement…

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Avoid Personal Liability as an LLC Owner

Avoid Personal Liability as an LLC Owner

A Limited Liability Company (LLC) is a legal business entity that not only provides favorable tax consequences for some individuals; it also protects owners or members from personal liability. The legal term for this protection is the “corporate veil”. This corporate veil creates investment incentives. An investor is more likely to spend time and money based on the assurances that she will not be held personally liable to the business’ creditors. However, many times a plaintiff suing an LLC or…

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