An LLC, or limited liability company, is a business structure that combines the liability protection of a corporation with the tax benefits and flexibility of a partnership. Owners of an LLC, known as members, are protected from personal liability for business debts and claims, meaning their personal assets are typically not at risk if the LLC faces bankruptcy or lawsuits.

This structure allows for pass-through taxation, where business profits and losses are reported on the members’ individual tax returns, avoiding the double taxation often associated with corporations.

Florida asset protection attorneys Jon Alper and Gideon Alper, part of Alper Law

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LLC vs. S Corporation: What Are the Differences?

What Is the Difference Between an LLC and S Corp? An LLC offers flexible management, fewer compliance requirements, and pass-through taxation without restrictions on the number or type of owners. In contrast, an S Corp provides pass-through taxation but with stricter ownership rules, including a limit of 100 shareholders who…

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Can an LLC Have a Second Member Without the Right to Profit Distribution?

A creditor’s collection against a debtor’s membership interest in a limited liability company is limited to a charging lien against the debtor’s “transferable interest.” A transferable interest makes the member eligible to receive LLC distributions. The Florida Statutes state that the charging lien is the creditor exclusive remedy against a…

Is a Single Member LLC in Florida Protected from Creditors?

Florida has enacted a statute specifically dealing with single member limited liability companies. The statute authorizes single member LLCs. The statute includes creditor remedies to collect a judgment from a debtor’s membership interest in the debtor’s single member LLC. Generally, a judgment creditor’s sole remedy against multi-member LLCs is limited…