QUESTION
Would creating an LLC protect me against any liability?
Asked on Nov 06th, 2011 on Taxation - Oregon
More details to this question:
This program will be my own business so I am thinking about creating an LLC of some kind. Would that protect me against liability? What about taxes? Also, what legal papers do I need?
2 ANSWERS
Trusts & Estates Attorney serving Irvine, CA
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Sally Amirghahari, J.D., LL.M
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The protection of liability issue will depends to the type of assets which will be transferred to the LLC, the way you set-up the LLC and whether you will be the sole owner and manager. Also, tax savings with an LLC depends what State you are forming the LLC and your set-up. I suggest you consult with an attorney regarding these issues prior to setting-up the LLC.
Answered on Nov 08th, 2011 at 11:46 PM
Tax Attorney serving Portland, OR
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Bullivant Houser Bailey PC
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The LLC can protect you against liabilities generated by employees of the LLC or contracts signed by the LLC and not guaranteed by you. It will not protect you for liability due to actions taken by you or that you fail to take or against personally guaranteed by you. You need articles of organization and should also have an operating agreement and organizational consent. You also should file form SS-4 to obtain an employer identification number (EIN) for the LLC.
Answered on Nov 08th, 2011 at 4:30 PM