Nov. 8, 2019
LLC Talk: Single-Member LLCs - Asset Protection
A limited liability company (LLC) is supposed to protect your personal assets from the liabilities of your business. That’s why it’s called a limited liability company. But, for various reasons, some have thought that a single-member LLC (SMLLC) does not actually provide asset protection for its owner (member).This article discusses the issue of whether a SMLLC protects the personal assets of its member. The short answer is that Colorado courts understand that a primary reason for creating a separate business entity is to obtain liability protection and, accordingly, a SMLLC can protect personal assets from liability. But the longer…
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