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There are several key factors for the member/owner of a Nevada LLC to consider to operate it properly; that is to say, to operate it so that the corporate shield remains strong and always protects the member/owner from personal liability for claims against the LLC.
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Flowing from the legal idea that there are two different kinds of "person" are the legal ideas that natural persons can own all kinds of stuff, including artificial persons, and artificial persons can own all kinds of stuff, including other artificial persons. As examples, a woman can own a house, a sculpture, and Dry Cleaners R Us, LLC; so too can Dry Cleaners R Us own a computer, 1 acre of land, dry cleaning equipment, and Little Petals Flower Shop, Inc.
When operated correctly, a Nevada limited liability company provides a "corporate shield," also called a "corporate veil," to protect its members (owners) from personal liability under most circumstances.
Many people are familiar with what a corporation is and basically how it works. To better understand the basic concepts of an LLC, compare the ownership of an LLC to the ownership of a corporation.
In the State of Nevada, "LLC" is the common abbreviation used for a type of business entity known as a "L"imited "L"iability "C"ompany.
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James W. Claflin Jr., Esq. Categories
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