Business
LLC
California
LLC and member liability?
I am interested in forming a limited liability company (LLC) and am seeking legal advice regarding the protection of my assets and the liabilities of the LLC members. I am concerned about the potential risks associated with being a member of an LLC and would like to understand what kind of protection I can expect.
1 Attorney answer
Answer
Business
California
Gagandeep K.
ContractsCounsel verified
In general, there are benefits and drawbacks in the LLC structure so it is important to weigh these in deciding if an LLC makes the most sense for your business. Some of the benefits to the LLC structure are limiting personal liability, tax advantages, and flexibility in the structure, among others. There are also some limitations to the LLC structure such as in raising investment and limitation on liability protection. You can learn more about the LLC structure, protections, and risks here https://www.contractscounsel.com/t/g/us/llc/13. For specific questions about an LLC structure as it applies to you business, please consult an attorney.
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