Liability Llc With No Assets
Description
How to fill out Florida Professional Limited Liability Company PLLC Formation Package?
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FAQ
If you form an LLC, you will remain personally liable for any wrongdoing you commit during the course of your LLC business. For example, LLC owners can be held personally liable if they: personally and directly injure someone during the course of business due to their negligence.
Limited liability means that the assets and debts of the business remain separate from the personal assets and debts of the company's owners. If a company goes bankrupt, creditors cannot therefore go after the owners' personal assets, just that of the business.
One of the main disadvantages is that the owner may be held personally liable for the debts and liabilities of the business. This means that if the business is sued or incurs debt, the owners personal assets could be at risk. Another disadvantage of an SMLLC is that it can be more difficult to obtain financing.
Whether they have a single owner or many, all LLCs come with liability protection. That means, if your company is sued, or can't pay its debts or federal tax, your personal assets?as opposed to the money in your business bank account?can't be seized.
However, if you just do nothing, either the Secretary of State will "suspend" the LLC for failure to file the Statement of Information and/or the FTB will "suspend" (not dissolve) the LLC for failure to file tax returns. Frank W. Chen has been licensed to practice law in California since 1988.