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LLC is an acronym for Limited Liability Company. Its meaning is just that, a company whose owners have a little liability should something go wrong with the business, such as a lawsuit or other potential financial issues. The "limited liability" implies that the owner/investor is limited in liability to the extent of whatever they invested into the company, usually money or property.
The LLC is a combination of a standard corporation and a limited partnership, giving it unique tax and management properties. LLCs are typically used in real estate investing to hold properties, because of their flexible taxing structure in which money flows directly into the owners' accounts based on their interests in the company.
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Can an LLC be a partner in another LLC?
Yes, an LLC can be a partner in another LLC. This is known as a multi-member LLC structure, where one LLC is a member or partner in another LLC.
What does fti consulting stand for?
The company started as Forensic Technology International, but had since been renamed to FTI LLC, so it really doesn't stand for anything anymore as that is now the name.
How does personal bankruptcy affect your LLC?
A LLC is considered one of your assets. The LLC protects you from liabilities it assumes, but it doesn't protect the LLC from your liabilities. Therefore, if you declare bankruptcy, you could possibly lose your share of an LLC. At best, it would be difficult for you to get credit for the LLC, since the individual generally has to secure credit for the LLC.
How can personal debt be transferred to an LLC?
Personal debt can be transferred to an LLC by having the LLC assume the debt through a formal agreement or by using the LLC's assets to pay off the personal debt.
Do LLC corporations receive 1099s?
No, LLC corporations do not receive 1099s.
