LLC's - PART 2: How To Insure They Protect You From Personal Liability

Posted by Tristan R. Pettit, Esq. in AASEW, LLC's / Comments

In my October 28, 2009 post entitled LLC's - Part 1: Why You Should Consider Using Them To Hold Your Rental Property,  I indicated that in the near future I would write a second post on LLC's and include a link to the outline that I drafted and presented to the AASEW membership at the October monthly meeting.  My portion of the presentation on LLC's focused on the following topics:

1.     General information on business entities (corporations, partnerships etc.) and how they are distinct from an individual person.

2.     How those general principles apply to LLC's.

3.   What is "piercing the corporate veil" or "disregarding the corporate fiction" and what are the various tests and factors that courts look at when evaluating whether or not they should hold an individual liable for the actions or debts of the LLC under the "alter ego" theory.

You can read my outline here.