Oregon Agreement with Limited Liability Company which Supplies Activity Directors and Companions for Seniors
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How to fill out Agreement With Limited Liability Company Which Supplies Activity Directors And Companions For Seniors?
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FAQ
Most states do not require you to be specific about the purpose of your LLC. Instead, a statement such as "The purpose of the Limited Liability Company is to engage in any lawful activity for which a Limited Liability Company may be organized in this state" is usually sufficient.
A Limited liability company (LLC) is a business structure that offers limited liability protection and pass-through taxation. As with corporations, the LLC legally exists as a separate entity from its owners. Therefore, owners cannot typically be held personally responsible for the business debts and liabilities.
A principal advantage of an LLC over a general partnership is that no member is held liable for debts, obligations and liabilities of the partnership. In the case of professional LLCs (e.g. law firms, CPA firms), however, members are liable for their own negligence and that of their subordinates.
In business, limited liability is about reducing your personal exposure to financial risk. If your business fails (or is sued) then the amount of money for which you are liable is limited by the business structure.
An LLC is easier to set up than a corporation and provides more flexibility and protection for its investors. The wages paid to members are deemed operating expenses and are deducted from the company's profits.
An LLC has pros such as flow-through taxation and limited liability protection. However, there are also disadvantages such as the legal process of ?piercing the corporate veil? and being forced to dissolve the LLC if a member leaves.
Limited liability is a type of legal structure for an organization where a corporate loss will not exceed the amount invested in a partnership or limited liability company (LLC). In other words, investors' and owners' private assets are not at risk if the company fails.