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What steps can I take to preserve my LLC status?

You want to make sure you maintain the distinction between yourself and your business – not always easy in a small business – but it is an important distinction if you want to limit your personal liability.

Make sure that the LLC has its own bank account for LLC funds and that you have your own account for your personal funds. Do not blend the two.

Always remember that you are acting as an agent of a separate legal entity. Sign all LLC documents as a member or manager of the LLC – not in your own name. It is also a good practice to always use the full LLC name rather than an abbreviation, unless the LLC registers the second name as an assumed or fictitious name with the appropriate governmental office.

Your lawyer can advise you on how get the maximum possible protection from liability by doing business as an LLC.


Related Information
» General Questions
» Benefits
» Formation of corporations
» Forms
» Incorporation process
» Insuring
» Legal Help
» License and permit
» LLCs
» Management
» Naming the business
» Securities
» Stock options
» Taxes

Topics Related To Corporations
» Business Law
» Corporations
» Franchise Law
» Partnerships
» Starting A Business
» Trade Regulation
 
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