LLC – Get Full Liability Protection From Your LLC

Written by Peter Tran

June 27, 2017

One of the most sgnfcant reasons to form Lmt Lablty Company (LLC) s to get lablty protecton. As a corporaton provdes a legal sheld aganst ther shareholders’ s, an LLC offers legal protecton for the owner’s or members’ personal s from busness clams or debts. The rsk of the LLC owner and members s generally lmt to the amount of ther nvestment.

However, when r busness s n a trouble such as a lawsut, the court mght go after and r personal s, especally f have a sngle member LLC and haven’t follow certan rules wth r LLC.

Here are some mportant basc rules to follow when have a sngle member LLC:

1. eate separate busness bankng accounts and t card accounts. When open them, use r EN, not SSN. An EN s a feral employer D number ssu by the RS. can get t fast and from the RS webste or over the . Wth the EN, don’t have to worry about r SSN passng around among r clents, and r busness accounts look more adequate.

2. Fund r lmt lablty company adequately. Don’t ntermngle r LLC funds wth r personal transactons. When receve payments from r s, make sure payments are made to r company name, not to .

3. Be wth books. Keep r personal transactons from the company accountng books. Buy supples, parts or equpments usng r busness bank account checks or busness t c. Not only t dfferentate r busness from , but r LLC can also buld t hstory.

4. Use r company name when sgn any contracts or agreements. Look carefully f t has a provson of personal guarantee.

5. Keep r lmt lablty company records and documents properly.

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