IMPORTANCE OF ENTITY PROTECTION - LIMITED PERSONAL LIABILITY
Introduction and the Importance of Your Nevada Business Lawyer
Entity protection is important because it significantly limits one’s exposure to personal liability (especially in Corporations, Limited Liability Companies, and Limited Partnerships). In general, shareholders in a corporation, members of an LLC, and limited partners in a limited partnership are shielded from personal liability for the debts and obligations of the entity, which is legally treated as a separate “person.” This provides that unless there is misconduct, the owner’s own possessions are protected by law, if the business does not succeed. Prior to making any decision regarding entity protection we highly recommend that you contact a Nevada business lawyer to ensure that your rights are protected and that you choose the entity that best suits your business goals.
Entity protection is important because it significantly limits one’s exposure to personal liability (especially in Corporations, Limited Liability Companies, and Limited Partnerships). In general, shareholders in a corporation, members of an LLC, and limited partners in a limited partnership are shielded from personal liability for the debts and obligations of the entity, which is legally treated as a separate “person.” This provides that unless there is misconduct, the owner’s own possessions are protected by law, if the business does not succeed. Prior to making any decision regarding entity protection we highly recommend that you contact a Nevada business lawyer to ensure that your rights are protected and that you choose the entity that best suits your business goals.
Disclaimer: This web site is designed for general information only. The information presented at this site should not be construed to be formal legal advice nor the formation of a lawyer/client relationship. If you have questions or need specific advice relating to the matters contained herein, please contact Lovaas & Lehtinen, P.C.
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