Hacker News new | comments | show | ask | jobs | submit login

>Source: Advising Small Business by Steven Alberty, Section 7:17.

Not to be condescending but good luck citing that in Court.

>>Example, I would always advise against a "single member" LLC because an LLC is considered a Partnership, thus Courts will not enforce Partnership protection where there are no Partners (ie, single member) and "the LLC can be liable for Founder's personal debts"

Re-read what you quoted, specifically focus on, "the LLC can be liable for Founder's personal debts". Your response: This is not true. A single-member LLC gets the benefit of the personal liability shield. Allow me to return favor and say "this is not true." While the Owner of a single member LLC may be protected against the LLC liabilities, that same LLC can be liable for the personal debt/judgments of the single member Owner.

The Florida Supreme Court recently issued the Olmstead v. Federal Trade Commission case. The case's holding is that F.S. 608.433 (4) allows a court to order a debtor to surrender "all right, title, and interest" in the debtor's single-member LLC to satisfy an outstanding judgment, unlike many other states where the sole remedy is a charging order.

Guidelines | FAQ | Support | API | Security | Lists | Bookmarklet | Legal | Apply to YC | Contact