Kansas law requires that a subcontractor performing improvements on residential property must provide the property owner with a warning statement as set out in Kan. Stat. Ann. § 60-1103a(c). If the warning statement is required, the lien claimant must attach an affidavit to any lien statement filed attesting to the fact that said warning was provided.
Kansas Warning to Residential Owner by Corporation or LLC
Category:
State:
Kansas
Control #:
KS-04A-09
Format:
Word;
Rich Text
Instant download
Description
How to fill out Kansas Warning To Residential Owner By Corporation Or LLC?
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FAQ
To remove someone from an LLC in Kansas, you need to follow the procedures outlined in your operating agreement. If your LLC lacks a clear operating agreement, you may need a formal vote from members. Remember, a 'Kansas Warning to Residential Owner by Corporation or LLC' may be necessary to inform the member of their removal.
As a member of an LLC, either a single member or one of the multiple members in the business, you are a business owner, not an employee of your company. When you form an LLC, each owner puts in something of value, usually money, so each member has ownership in the business.
The owners of a limited liability company (LLC) are called members. Each member is an owner of the company; there are no owner shares, as in a corporation. An LLC is formed in a state by filing Articles of Organization or similar document in some states.
Limited liability companies shield their owners from personal debts and obligations. If the debt is personal -- such as a personal loan made to you as an individual rather than as an agent of your LLC -- the LLC account cannot be garnished, unless an exception applies.
The main LLC protection deals with any liabilities or debts that the business incurs. In most situations, you are safe from having your personal assets seized in order to pay any debts that your business takes out and cannot repay, unless you have put up a personal guarantee when you took out the loan.
Personal Liability for Actions by LLC Co-Owners and Employees. In all states, having an LLC will protect owners from personal liability for any wrongdoing committed by the co-owners or employees of an LLC during the course of business.
By default, LLCs with more than one member are treated as partnerships and taxed under Subchapter K of the Internal Revenue Code. However, an LLC can elect to be treated as an association taxable as a corporation by filing Form 8832, Entity Classification Election.
Forming an LLC or a corporation will allow you to take advantage of limited personal liability for business obligations. LLCs are favored by small, owner-managed businesses that want flexibility without a lot of corporate formality. Corporations are a good choice for a business that plans to seek outside investment.
If someone sues your LLC, a judgment against the LLC could bankrupt your business or deprive it of its assets. Likewise, as discussed above, if the lawsuit was based on something you didsuch as negligently injuring a customerthe plaintiff could go after you personally if the insurance doesn't cover their damages.
If you set up an LLC for yourself and conduct all your business through it, the LLC will be liable in a lawsuit but you won't.Conducting your personal business through an LLC provides no protection against a tort verdict, the type of liability that most people are worried about.
