Friday, August 12, 2011

Okay, Last one...Lol. LLC, Sole Prop, Account, Wages?

If what you're running is a sole proprietorship, and whatever the company makes is yours, it's not an LLC and you have unlimited liability. This means that there is no legal distinction between you and your company. By definition, in an LLC, the profits are owned by the LLC and can be distributed only as allowed by the charter and the board. Once distributed, the money belongs to the person distributed to, not the LLC, and cannot be taken by suing the LLC.

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