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Chapter37LLCs - C hapter 37 L LCs L imited Liability...

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Chapter 37 – LLC’s Limited Liability Company I. Limited Liability Companies a. Evolution of LLC i. The LLC is a hybrid form that combines the limited liability aspects of the corporation and the tax advantages of a partnership. ii. Taxed like a partnership iii. Must operate “LLC”, “Limited Liability Company” b. Nature of LLC i. Have limited liability. Are sort of like shareholders but are known as members . ii. Asset Protection Strategy 1. McFarland v. Virginia Retirement Services of Chesterfield, L.L.C a. McFarland saw something wrong being done at the retirement services and reported it. The employer retaliated and fired him. So McFarland went to sue all the members of the L.L.C. b. The court dismissed the individual members except for Dunmoyer because he personally participated in his discharge. c. LLC Formation – 3 things i. Certificate of Formation - $300 required ii. Name must be available iii. FEIN required (sign operating agreement) d. Advantages and Disadvantages of LLC i. Advantages
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