Limited Liability Company

A limited liability company (LLC) is a flexible form of enterprise that blends elements of partnership and corporate structures. An LLC is not a corporation; it is a legal form of company that provides limited liability to its owners in the vast majority of United States jurisdictions. LLCs do not need to be organized for profit. In certain US states, businesses that provide professional services requiring a state professional license, such as legal or medical services, may not be allowed to form an LLC but required to form a very similar entity called a Professional Limited Liability Company (PLLC).
Posts about Limited Liability Company
    • Owner Of Phony Patent Law Firm Wants Colorado UPL Case Dismissed

      The owner of a fake IP law firm that is being sued in Colorado for allegedly engaging in the unauthorized practice of law has filed a motion to have the case dismissed for alleged lack of subject matter and personal jurisdiction. Dak Steiert, the owner of “Intelligent Patent Services,” which purports to be a “patent law firm,” is the subject of a Petition for Injunction filed ...

      Michael E. Mccabe Jr./ IPethics & INsights- 15 readers -
  • A Comprehensive Revision of Pennsylvania Law on Partnerships and LLCs

    … On February 21, 2017, Act 2016-170 (commonly known as House Bill 1398) went into effect. The Act is a comprehensive revision of Pennsylvania law on partnerships and limited liability companies (LLCs). This Act amends Title 15 (Corporations and Unincorporated Associations) and Title 54 (Names) to replace the law governing limited liability…

    Prince Law Offices, P.C.- 12 readers -
  • Indiana Series LLCs, Part VIII

    … are “known knowns” (things that we know), “known unknowns” (things that we know we do not know), and “unknown unknowns” (things that we do not know that we do not know); and it is the latter category that often causes the most trouble. As my colleague John M. Cunningham observed in his book Drafting Limited Liability Company Operating Agreements, Rumsfeld could have been talking about series LLCs. …

    Michael Smith/ Indiana Business Law Blog- 45 readers -
    Earlier about the same topic:
  • Indiana Series LLCs, Part VII

    … organization that is a separate entity under state law as an entity distinct from its owns for federal tax purposes. Although entities that are recognized under local law generally are also recognized for Federal tax purposes, a State law entity may be disregarded if it lacks business purpose or any business activity other than tax avoidance. 75…

    Michael Smith/ Indiana Business Law Blog- 50 readers -
  • Indiana Series LLCs, Part IV

    … by the Indiana statute: a portion of the interest in the master LLC designated as the series). We’ll return later to some other metaphysical questions, but this article discusses the more mundane question, how does one set up a series LLC in Indiana? Organizing the Master LLC As with a traditional LLC, a master limited liability company is formed by filing…

    Michael Smith/ Indiana Business Law Blog- 40 readers -
    Earlier about the same topic:
  • Is Your Company Protecting Your Personal Assets?

    … afforded to corporations or LLCs, or any questions regarding steps one must take to pierce the corporate veil, do not hesitate to contact our commercial litigation attorneys at MichieHamlett. By Jordan McKay This website is informational only and is not intended to give legal advice or create an attorney-client relationship. The post Is Your Company Protecting Your Personal Assets? appeared first on MichieHamlett. …

    MichieHamlett- 11 readers -
  • LLC Interests and a Member’s Bankruptcy, Part V

    … [Here are the links to Part I, Part II, Part III, and Part IV of this series.] We are considering the nature of the economic and noneconomic rights of a member of an a limited liability company and whether, if the member enters bankruptcy, the bankruptcy trustee acquires those rights. As explained in Parts III and IV, the member’s economic…

    Michael Smith/ Indiana Business Law Blog- 41 readers -
  • LLC Interests and a Member’s Bankruptcy, Part IV

    … that a member’s economic and noneconomic rights in a limited liability company become the property of the estate when the member files a bankruptcy petition. Neither the Bankruptcy Court nor the U.S. District Court considered the possibility that the LLC’s operating agreement – i.e., the source of Lester’s membership rights in the LLC – might be an executory…

    Michael Smith/ Indiana Business Law Blog- 43 readers -
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