Help with a question on form!!Setting up a Limited Liability?
Question:
"Check this box if one or more of the members of the company are to be liable for its debts and obligations under section 33-44-303. If one or more members are so liable, specify which member, and for which debts, obligations or liabilites such member are liable in their capacity as members"
The law
(a) Except as otherwise provided in subsection (c), the debts, obligations, and liabilities of a limited liability company, whether arising in contract, tort, or otherwise, are solely the debts, obligations, and liabilities of the company. A member or manager is not personally liable for a debt, obligation, or liability of the company solely by reason of being or acting as a member or manager.
(b) The failure of a limited liability company to observe the usual company formalities or requirements relating to the exercise of its company powers or management of its business is not a ground for imposing personal liability on the members
Answer:
Check "NO". The beauty of an LLC is that no one is PERSONALLY liable for debts, obligations and liabilities of the company. That's why it is called a Limited Liability Corporation. It allows you to form and run a company and if something goes wrong, they can only take assets from that company and not you. Make sense? Let me know if I can be of further help - I just went thru this. In fact, I used www.mycorporation.com and filing thru them was a breeze! (and not too expensive, either - I paid $246.00 for a simple LLC.
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