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I acknowledged your point in my post, a single member LLC Owner is protected from the liabilities/debts of the LLC. Consider the distinction I made that you mi
by will_brown 14y ago
I acknowledged your point in my post, a single member LLC Owner is protected from the liabilities/debts of the LLC. Consider the distinction I made that you missed - where the single member LLC lacks protection - the LLC can be liable for the personal debt/judgments of the single member LLC Owner.
In contrast, multi-member LLCs and Corporations (C or S; single shareholder or multiple shareholders) are protected from the personal liabilities/debts of Owners. In practice, if Person A owned Google Stock A's debtors can not go after Google and Google's assets to satisfy the debts; however, if A is also the Owner of a single member LLC those same debtors CAN get a charging Order, Economic Interest, or foreclose (take ownership) of the single member LLC and/or its assets.
See:
Olmstead v. Federal Trade Commission
http://www.floridasupremecourt.org/decisions/2010/sc08-1009... http://www.floridasupremecourt.org/decisions/2010/sc08-1009.....