Limited Liability Companies FAQs
Yes you can. However, you obtain greater privacy by placing real property into a Pure Trust Organization. LLCs are more effective working with other entities - individual and/or artificial - in connection with activities that are statutorily controlled. An LLC’s activities are exposed and subject to statutory scrutiny, taxation and control.
Yes. Banking is a standard use for LLCs. As manager of the LLC, you can be the signatory on the bank account without sustaining direct liability.
The Law of Agent and Principal states that the agent cannot be held liable for actions taken in good faith on behalf of the principal. As long as the LLC acts as an agent for other parties, it generally does not carry liability for any damage that might occur as a result of its activities.
It means that the LLC is acting on behalf of other individuals or artificial entities rather than directly owning assets.
Yes. An LLC is ideally suited for running a business in the United States. However, there are ways of utilizing an LLC that provide less exposure and greater liability protections. For example, we recommend always using an LLC as an agent; never as a principle.