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Only large companies can be truly be limited liability enterprises. Small business have to give personal guarantees for everything and you can bet that small bu
by rdtwo 7y ago
Only large companies can be truly be limited liability enterprises. Small business have to give personal guarantees for everything and you can bet that small business owners will be prosecuted to the fullest extent of the law if they screw up llc or not. It’s only the big players that are really allowed to benefit from the corporate veil.
- snagglegaggle 7y agoIt's possible to create a small LLC but there's a minefield of actions that could let a judge rule the LLC to be a "legal fiction" and to pop the bubble of limited liability. Such rulings are usually applied to small LLCs, and as far as I know to enforce debt. Why this bubble can not be popped in seemingly any other case, especially when criminal acts have been committed, is what GP is complaining about, and was the expected outcome by critics of limited corporations when they were introduced.