Can an LLC protect my assets?
A Limited Liability Company, better known as LLC, combines parts of corporations, sole proprietorships, and partnerships into one business entity offering owners liability protection, management structure, and certain tax advantages. Structurally, it is flexible and a legal form of a company that provides limited liability to owners in many different jurisdictions. An LLC protects personal assets by creating a buffer between your personal assets and the liabilities of the business.
If someone has a judgment placed against your business, when you run an LLC, the only assets they can go after are the funds in the business bank account or the business property, and not your personal bank account. Any investments or other businesses are not affected by legal action whether the business is going bankrupt or being sued under an LLC.
An LLC needs to be created in advance to being sued, if your company is being sued in order to protect your personal assets. The one exception to the normal protections of LLC’s is professional limited liability because personal responsibility is essential to being a licensed professional. Your company is signed up for the most cost-effective insurance policy around by establishing your business in an LLC.
If you have questions about the process or would like to know more about LLC’s, please contact our office at (206) 408-8158, or visit our website at www.dallawfirm.com.
19803 1st Avenue S.
Normandy Park, WA 98148
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F (206) 374-2810
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