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of the main reasons that businesses choose to operate as an LLC or for the legal protections that it affords the owners Maryland like most states offers the owners of LLC's very broad legal protections there are however some instances in which the courts will impose personal liability on the owners of an LLC if you want an LLC have questions about your personal liability contact me Ryan Lewis at the law office frosts W hours
Thanks for your comment Nicol Mclaurine, have a nice day.
- Irwin Lagassie, Staff Member
welcome back to frequently asked questions let's see what questions are frequent lego films for you asks so who is liable to the deaths of the llc good question the short answer is that the one that's liable for an llc's debt is well the llc itself creditors can only go after the assets held by the llc unless one of the llc's members personally co-signed a business loan put up their own property as collateral committed fraud or if the llc's corporate veil has been pierced what's the corporate veil it's the phrase used to describe the limited liability protection that forming an llc gives its owners when you form an llc your personal assets like your house or your car won't be on the line if your business is sued that being said the corporate veil has its limits llc owners need to take steps to make sure that their corporate veil doesn't get pierced such as making sure they don't mix their business and personal finances having enough capital to cover their liabilities signing business documents on behalf of the llc documenting company goings-ons or maintain your llc's good standing with your state to learn more check out our guide on maintaining the corporate veil thanks for watching and good luck and stay tuned today we're going to learn about jazz hands and that's that's really what she wrote yep
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- Irwin Lagassie
About the author
I've studied financial economics at Michigan School of Psychology in Farmington Hills and I am an expert in world-systems theory. I usually feel tired. My previous job was physical therapist I held this position for 2 years, I love talking about climbing and skiing. Huge fan of Conor McGregor I practice cycling: mountain bike) and collect phone cards.
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