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LSDefine

Simple English definitions for legal terms

LLC

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A quick definition of LLC:

A Limited Liability Company (LLC) is a type of business that combines features of partnerships and corporations. It allows flexibility in how the business is organized and how profits are shared among its owners, who are called members. An LLC can choose to be taxed like a partnership or a corporation. The members of an LLC have limited personal liability for the business, meaning their personal assets are protected if the business is sued or goes into debt. To form an LLC, it must be registered with the state and have a certificate of organization. The rules for running an LLC are usually outlined in an operating agreement. However, if an LLC is used to deceive creditors or is not run as a separate entity from its owners, the courts may hold the owners personally responsible for the business's debts and obligations.

A more thorough explanation:

Definition: Limited Liability Company (LLC) is a type of business organization that combines features of partnerships and corporations. It offers flexibility in structuring the business to meet the specific needs of its investors. An LLC can have members who each own and control equal parts of the business, or it can be managed by some members with different control and profit allocations among all the members. An LLC can also choose to be taxed like a partnership or a corporation. The investors in an LLC have limited personal liability in the business.

For example, let's say that John and Jane want to start a business together. They decide to form an LLC so that they can share ownership and control of the business equally. They also want to limit their personal liability in case the business incurs debts or legal issues. By forming an LLC, John and Jane can achieve these goals.

LLCs must register with the state and create certificates of organization. The structure and management of the LLC are typically outlined in an operating agreement. Compared to corporations, LLCs have fewer guidelines and procedures for investors to follow. However, courts may "pierce the corporate veil" and hold investors personally liable if the LLC is used to defraud creditors or if it operates as an extension of an investor rather than a separate entity.

Example: Sarah and Tom want to start a small business selling handmade crafts. They decide to form an LLC so that they can share ownership and control of the business equally. They also want to protect their personal assets in case the business is sued or incurs debts. By forming an LLC, Sarah and Tom can achieve these goals while still having flexibility in how they structure and manage the business.

This example illustrates how an LLC can be used by small business owners to protect their personal assets while still having control over the business. It also shows how an LLC can be tailored to meet the specific needs of its investors.

living will | LLP

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10:13
Ща кину свой ник
10:13
Ща кину свой ник
BulbasaurNoLikeCardio
10:14
@babycat: then it sounds like if you get them pierced itll just be a secrete to surprise your future boo with since thy wont be poking out of your shirt
10:14
@jackfrost11770: reynard1 на Дискорде
babycat
10:14
yeah but like is that worth it for me? prob not. I think I like them the way they are
BulbasaurNoLikeCardio
10:15
@JumpySubsequentDolphin: For nose piercing I am thinking the like middle of your nose with the ring kinda thing, think itll like restrict airflow
babycat
10:15
woah you got a word for discord in russian that’s crazy
спасибо 🫡
triplethread
10:15
@BulbasaurNoLikeCardio: My nose is pierced and I run like 10 miles a week im good haha
BulbasaurNoLikeCardio
10:16
@babycat: if you are happy with them they look perfect, and if they are as big as you say I am sure people will still be looking with or without the piercing so you will get attention either way
Dkk
10:16
Closest I get to Russian is Lazy Square's cartoons. Should watch them. All very short cus he is lazy. https://www.youtube.com/watch?v=sGBkneu30Aw
JumpySubsequentDolphin
10:16
@BulbasaurNoLikeCardio: ohhh you mean septum? I think septum is even less painful than a nostril piercing
warning my discord pfp is fun lol and also i haven't changed my username since high school because i didn't feel like it 😭
10:18
LMAO yeah you have a fun pfp
BulbasaurNoLikeCardio
10:20
Yes the septum, so they don't feel weird or mess with breathing/running at all even when flipped in? At limit
snow
10:23
its been a quiet morning so far
LSDFan
10:23
i have no hope for today
JumpySubsequentDolphin
10:24
idk about septums, i only have nostril pierced @bulb
triplethread
10:24
snow i think we will prob hear back from kent the week of dec 1st
10:24
Past 10am and ....nothing
JumpySubsequentDolphin
10:24
I think UCLA a wave today no?
babycat
10:24
🚑
What time have UCLA waves been at
Dkk
10:24
It's only 7:24 AM. We on the west coast control the time.
thismanatemyson
10:25
UCLA please save me
triplethread
10:25
snow if i dont get invited for an honors college interview i might freak
Dkk
10:25
11:22:24 AM PST, wave will come.
triplethread
10:26
dkk are u a boy or a girl
Dkk
10:26
Wizard 101 told me I was a boy wizard.
triplethread
10:26
ok
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