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Home Q&A Forum LLC legal requirements?

Business

LLC

Washington

Asked on Aug 7, 2023

LLC legal requirements?

I am interested in starting a business and I am considering setting it up as a limited liability company (LLC). I want to make sure that I understand all of the legal requirements that come with setting up and operating an LLC. I want to make sure that I remain compliant with all of the applicable laws and regulations so that I can protect myself and my business.

1 Attorney answer

Answer

Business

Washington

Answered 311 days ago

Joon H.

ContractsCounsel verified

Business Lawyer
Licensed in Washington
Free Consultation

Hi there, Generally speaking, "limited liability" of LLC means that no member will be personally liable for the LLC's obligations in excess of the amount that he or she contributed, or is otherwise obligated to contribute, to the LLC. In order to enjoy this liability protection, you want to make sure that you respect the boundaries and formalities of your business by: 1. Keeping your business capitalized enough to carry out its normal business functions and meet its reasonably anticipated obligations; 2. Keeping your business assets separate from your personal assets (like not using company truck to run personal errands); 3. Having separate bank accounts; 4. and following corporate formalities like keeping records of meetings, documenting important business actions, and having an operating agreement.

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