Even if your LLC files for bankruptcy, you-the business owner-won’t be on the hook for judgments against your company that exceeds the value and assets of your company.
So if you own an LLC-limited liability company-and you are compliant with all of the relevant regulatory laws, discussed below, then your personal assets such as your savings, checking account, house, car, etc. As the name suggests, it limits your liability for investment in a business to only that which you have already invested. A Quick Overview of Limited LiabilityĪs we’ve previously discussed, limited liability is a wonderful legal principle that removes a lot of the risk in the business world. We’ve talked many times about limited liability (for example, here and here), but what many business owners don’t know is that their limited liability can be voided if they’re not compliant with their local Secretary of State’s office as well as any regulatory laws governing LLCs and Corporations.
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