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atluriram
atluriram, Research Analyst
Category: General
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Experience:  MASTER OF COMMERCE, BACHELOR OF LAWS, P.G. DIPLOMA IN PERSONNEL MANAGEMENT AND INDUSTRAL COUNSELING
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LLCs have limited liability. But, what does that really mean

Resolved Question:

LLC's have limited liability. But, what does that really mean? What is it limited to?
Submitted: 3 years ago.
Category: General
Expert:  atluriram replied 3 years ago.

atluriram :

Sir/madam

atluriram :

I herewith submit the answer

atluriram :

with regards

atluriram :

atluri ramesh

atluriram :

---------------------------

atluriram :

The partners and proprietor oriented organizations will have unlimited liability. It means the proprietors and partners are responsible for the debts and liabilities of the organization. In fact those person are personally, jointly and severally liable for the debts and liabilities.

atluriram :



But in the case Limited Liability Company, the owners i.e. shareholders are liable for the unpaid amount of their share only. They are not at all responsible for debts and liabilities. The company is responsible for the debts and liabilities of LLC. Therefore it can be said that the shareholders of the company (owners) are attached with limited liability i.e. to extent of their unpaid share amount. For example if a shareholder taken 10 shares and paid full amount, then there is no liability. But in some cases, the shareholders only pay part of the share amount -say application money or allotment money. At that time, the shareholders are liable for the unpaid amount of share. Hence it is called liability is limited. Under Limited Liability clause, the shareholders liability is limited. Shareholders are not at all responsible for debts and liabilities of the company, though they are owners of the company.



atluriram :

-------------

Customer :

Thanks again.


atluriram, Research Analyst
Category: General
Satisfied Customers: 533
Experience: MASTER OF COMMERCE, BACHELOR OF LAWS, P.G. DIPLOMA IN PERSONNEL MANAGEMENT AND INDUSTRAL COUNSELING
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