Full text of legislative history behind the Post Assessment Property and Liability Insurance Guaranty Association Model Act.
Post Assessment Property and Liability Insurance Guaranty Association Model Act Legislative History
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US-AE02
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FAQ
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.
Blackberry. Pepsi-Cola. Sony. Nike. Hertz Rent-a-Car. eBay. IBM.
In 1977, the state of Wyoming invented something called the Limited Liability Company. It was very slow to take off. In fact, Delaware, which is known for being first, waited until 1991 to have their own LLC law. Today, LLCs are being formed three or four to one compared to corporations.
For example, if an investor enters into an agreement to join a LLC, his investment of $100,000 is his total liability. In other words, he can potentially lose all of this and no more.If he were to invest additional sums, this limited liability would then match his total contribution.
Many companies are structured as limited liability companies, or LLCs. The LLC is a newer business structure that provides several benefits to its members.Many well-known companies are structured as LLCs. For example, Anheuser-Busch, Blockbuster and Westinghouse are all organized as limited liability companies.
In 1977, the state of Wyoming invented something called the Limited Liability Company. It was very slow to take off. In fact, Delaware, which is known for being first, waited until 1991 to have their own LLC law. Today, LLCs are being formed three or four to one compared to corporations.
Because the LLC is a fairly new option in the United States (it first became available in Wyoming in 1977, but most other states did not follow suit until the 1990s), the laws governing this business form are largely uninter-preted by court cases. In addition, each state has its own statutes concerning LLCs.
One of the benefits to using a limited liability company is the flexibility of being able to choose how the entity is taxed. After a new LLC is formed, its owners must decide the method by which they would like their business taxed.
Limited liability is a legal status where a person's financial liability is limited to a fixed sum, most commonly the value of a person's investment in a corporation, company or partnership.Although a shareholder's liability for the company's actions is limited, the shareholders may still be liable for their own acts.