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Setting up a business as a limited liability company (LLC) can protect the business owner's personal assets from being claimed by business creditors. An LLC creates a shield between business ...
It is a business structure that can combine the pass-through taxation of a partnership or sole proprietorship with the limited liability of a corporation. [1] An LLC is not a corporation under the laws of every state; it is a legal form of a company that provides limited liability to its
Typically, these laws obligate adult children (or depending on the state, other family members) to pay for their indigent parents’/relatives' food, clothing, shelter and medical needs. Should the children fail to provide adequately, they allow nursing homes and government agencies to bring legal action to recover the cost of caring for the ...
Having PRRs entitles a parent to take key decisions relating to the child, such as where they will live and go to school, and what medical treatment they should receive. In addition, parents have an obligation to provide financial support for their children under the Family Law (Scotland) Act 1985 (c 37) and the Child Support Act 1991 (c 38).
In an LLP, some or all partners have a form of limited liability similar to that of the shareholders of a corporation. Depending on the jurisdiction, however, the limited liability may extend only to the negligence or misconduct of the other partners, and the partners may be personally liable for other liabilities of the firm or partners.
A series limited liability company, commonly known as a series LLC, protected cell company, segregated account company, or segregated portfolio company, and sometimes abbreviated as SLLC, is a form of a limited liability company that provides liability protection across multiple "series" each of which is theoretically protected from liabilities arising from the other series.