Limited liability means that a person or company's responsibility for any losses or debts is limited to a specific amount. It protects them from being personally responsible for all debts or obligations of a business. In case the business faces financial trouble, their personal assets and money are generally not at risk beyond the amount they invested.
Full definition
He said he would eliminate incorporation fees for
limited liability corporations and partnerships, and reduce the wait times for government permitting.
Our attorneys have successfully represented members
of limited liability companies in legal actions against other members of the company who have used their position to the financial detriment of the company.
Out of almost 1,200 charter schools in the state, there are only six (6) charter schools that are organized
as limited liability corporations.
Traditional C - corporation status provides the protection of
limited liability for shareholders, but at a cost of double taxation of earnings — at both the corporate and shareholder levels.
The complexity of these issues is beyond the scope of this story, but inspectors interested
in limiting their liability through a corporate structure should research them accordingly and seek professional legal advice.
Much of the money comes
from limited liability companies, which don't need to disclose their donors in filings.
He also wants to close a campaign finance loophole that allows donors to
form limited liability companies to get around contribution limits, and enact public campaign financing.
Certain details about the developer, such as the company's hundreds of thousands of dollars of campaign contributions
through limited liability companies, could describe any number of real estate companies.
If a company
with limited liability is sued, then the plaintiffs are suing the company, not its owners or investors.
The revised rules require multiple
member limited liability companies and partnerships to reveal the names of every member or general partner involved in a real estate transaction, rather than just one.
Basic levels of coverage — including split
limit liability insurance — are intended to provide a cushion in case you are to blame in an accident.
Currently, people can donate unlimited amounts to statewide office candidates by creating
multiple limited liability corporations, and the public won't know who's behind the donation.
The insurer denied that the plants were «personal property» under the policy, but admitted
limited liability under the «extended coverage» for «landscaping».
Let the above serve as part of a strategy for getting fair rates on
split limit liability auto insurance.
With a combined
limit liability policy, the payout for a liability claim may be split among incidents or claimants.
Single limit liability coverage is similar to split - limit coverage in that it covers costs incurred in the areas of bodily injury and personal property damage.
That will probably have its own separate tax return, and some administrative overhead, but will
limit your liability if something goes wrong.
This document will
help limit your liability in case of any injury from the lead - based paint as well as make your new tenants aware of the situation.
To protect itself, the company developed policies stating that associates must set up a
separate limited liability corporation to handle management and comply with state authority.
Some will have
limited liability clauses, what this means is if there any damages that occur during the inspection they will be off the hook.
While limited liability companies have less compliance requirements than other entity types, there are reports and licenses that need to be filed and maintained.
It
also limits your liability to $ 50 if your credit card is lost, stolen, or used without your authorization, and it prohibits the unsolicited issuance of credit cards.
Some travel insurance providers
often limit their liability by excluding coverage for losses that occur in countries with active travel warnings and / or alerts.
I am a believer in establishing trusts and
family limited liability companies for succession planning to preserve the family business and family farm.
But what about limiting or banning outside income, or closing the loophole that allows huge contributions from
secretive limited liability companies?
Sometimes we have to take the business model apart and rebuild it to
effectively limit liability potential and make the risk acceptable.
Some reform proposals that have come forward are to strip pensions of officials convicted of corruption, establishing an ethics commission and
preventing limited liability corporations from donating anonymously to campaigns.
Phrases with «limited liability»