Limited liability

profits, losses of the business equally. Unfortunately, with this type of entity, Jeb and Josh would need to be concerned at the fact that they will be personally liable for any lawsuits filed against their business. Another option would be Limited Liability Company (LLC). This type of business entity is an unincorporated form of business…

business has different needs so it makes sense that each business differs in which form of ownership it chooses. I think this is important to learn and assess because of tax and liability issues. An entrepreneur starting their first business needs to take the form of ownership into high consideration because of the liabilities and expenses that are incurred depending in the form of ownership that they end up choosing. For example, if you start an online business where as the sole owner you…

Every trade and businesspersons engaging in an entrepreneurial endeavor are expected to have acquired knowledge regarding the given industry and its governing policies. To every business owner, it is vital that all relevant information is put together to compile the perfect plan as it plays an important role in the business. The information gathered and evaluated assists the entrepreneurs to have a clear vision while making the first critical steps. The prevailing economy of the country at that…

sued and is liable for the actions that it did not the shareholders. A corporation is more complex compared to the other organizational structure such as sole proprietorship, partnership, and limited liability company (LLC). It is…

company or corporation you want to form. Based in the fact that your husband wants to invest, but doesn’t want to commit to an active part in the business, we need to form a business that allows him to do this. I also want to limit your personal liability if you should be sued or charged criminally. Another…

Are you involved in corporate business affairs? Then you must be in need of an LLC operating agreement. It is evident that once you are done with your Limited Liability Company (LLC), you are free to use LLC operating agreement in order to delineate the operating terms of your corporation. In addition, it also helps to safeguard legal rights and responsibilities. With the help of written record expressing the management policies and procedures of your organization you can easily get down to…

Introduction There are three main business entities can choose to form in Malaysia which are Sole Proprietorship, Partnership and Limited and Unlimited Company. It is not so difficult to understand these types of entities and the owner can know which entities is more preferable to the owner. There are few steps in forming a sole proprietorship and a partnership entity. Firstly, determine the name of the organization which is unused by any business establishment or other entities. Register the…

Penalties for Rules Violations The commissioner may impose penalties for violation of the insurance laws (these include the unfair claims settlement practices rules). Penalties may be imposed against both insurers and agents. Insurer (Insurance Company) Penalties In addition to license revocation, suspension, or refusal to renew a license, the state insurance commissioner/director/administrator may fine an insurer violation of insurance rules and regulations. Producer Penalties The…

structure the company differently entirely. A limited liability partnership would have allowed the two partners to form a legal business that absolved them of personal liability but maintained the conditions of the partnership, however shares could not have been given to a third party. Separately the company could have simply been two LLC’s engaged in a joint venture or a tenants in common structure. This would have allowed the to work together but manage liabilities and assets separately. The…

Illinois LLC Limited Liability Company Form Illinois LLC Limited Liability Company Form LLC 5.5 is an instrument required to facilitate the execution of an LLC within the Illinois State. Filing this form to the office of the Secretary of the State is necessary. Please ensure to print or type all requested particulars and sign with black ink. Remittance of $500 filing fees is necessary. You may choose to remit the fees using any of the available modes of payment. The form has provision to select…