Can creditors go after my business?
- Yes, creditors can go after your business – but only after business assets (business bank accounts, equipment).
- But they cannot go after your personal assets (personal bank accounts, appliances, home).
Who is liable for LLC debt?
- The LLC, not you personally.
What are Nevada LLC members liable for?
- Nevada state law does not create liabilities for you as members or managers of LLC.
Can LLC members be liable for LLC debt?
- No, members (owners) are not liable for Nevada LLC debts.
- LLC is separate from its owners.
- Business assets are owned by the LLC, business debts are owed by that entity.
- If members contributed assets to LLC, creditors can seize those assets.
- Nevada lures businesses by outdoing Delaware in shielding corporations and LLCs from liabilities.
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Victor Santos Sy graduated Cum Laude from UE with a BBA and from Indiana State University with an MBA. Vic worked with SyCip, Gorres, Velayo (SGV – Andersen Consulting) and Ernst & Young before establishing Sy Accountancy Corporation.
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He retired after 50 years of defending taxpayers audited by the IRS, EDD, BOE and other governmental agencies. He published a book on “How to Avoid or Survive IRS Audits” that’s available at Amazon. Readers may email tax questions to [email protected].