Domestic Asset Protection Attorney
International Asset Protection Attorney About us FAQ Books & Publications Seminars Links & Resources Contact Us
Corporations
Limited Liability Companies
Limited Liability Partnerships
Limited Partnerships
Asset Protection Trusts
Domestic Asset Protection Trusts
Equity Stripping
Financial Planning Exemptions
Tenancy By The Entirety
Charging Order Protection
International Entities
International Trusts
Captive Insurance Companies
Business Entities
Contract Formation and Review
General Business Counsel
Business Succession Planning
Current Estate Plan Review
Drafting Wills and Trusts
Incapacity Planning
Probate Administration
Charitable Remainder Trusts
Online Asset Protection Quiz.

Overview of How the Limited Liability Company Operates

Limited liability company laws between the states vary only slightly because they all conform to the model Uniform Limited Liability Company Act (ULLCA) of 1995.  Its provisions are as follows:

- A limited liability company is considered a legal entity − one separate from its members.

- A limited liability company may be for either for-profit or non-profit purposes.

- Some states allow one-member limited liability companies; others require two or more members.

- A member interest in a limited liability company is non-transferable without the unanimous consent of the other members.

- A member can transfer his or her interest in future distributions and returns of capital.

- Managers and members have limited liability.  They can lose only their investment if the company is sued or goes bankrupt.

- A limited liability company can be in existence for a fixed or perpetual duration.

- A limited liability company is dissolved upon: 1) consent of its members; 2) dissociation of a member; 3) occurrence of a specific event stated in the operating agreement or 4) a fixed dissolution date.

A limited liability company's operating agreement may not:

1.  Unreasonably restrict a member from inspecting company records.

2.  Eliminate or reduce a member's duty, loyalty, care, or good faith when dealing with or on behalf of the company.

3.  Restrict the rights of third parties.

4.  Override the legal right of the company to expel a member convicted of wrongdoing, breach of the operating agreement or making it impractical for the limited liability company to continue its business with further member involvement.

YES, YOU CAN LOSE EVERYTHING!

You may think that your wealth is safe and that you don't need protection.  But don't delude yourself and accept reality — for every 60 minutes you spend making money, spend 60 seconds thinking about how to protect it!
The Presser Law Firm, P.A. - Asset Protection Attorney
Located at 6199 N. Federal Highway Boca Raton, FL 33487. View Map
Phone: (561) 953-1050
Website: