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A limited liability company is a legal business structure formed by single or multiple owners called members. LLCs are registered in a state, and the state requirements for filing vary. A primary trait of an LLC is that it is treated as a separate entity from its owners.


An unlimited liability company is a company that is considered incorporated, but all profits and losses flow to its shareholders. A shareholder is protected from liability in regards to the company's debts, with the exception of the company becoming liquidated.


Current liabilities, also known as short-term liabilities, are business debts that a company reasonably expects to pay with cash within one year or within the company's fiscal year, whichever is longer according to The Law Dictionary, an online version of Black's Law Dictionary. The total amount of


Corporations and Limited Liability Companies renew their business licenses annually. The licensing service sends a notification for renewal some days before the license expires. There is a fee for a business that fails to pay the registration fee on time.


Some advantages of a private limited company are limited liability, ease of use and that it is a legal entity; disadvantages include the required paperwork, limited growth and the expenses involved. Limited companies are small businesses usually comprised of family or close friends. These companies


Current liabilities are financial obligations that must be paid by a firm in less than one year. They can include accounts payable, unearned revenue and short-term debt. Current liabilities appear on a firm's balance sheet.


The standard requirements of a liability release form include the names of the parties involved, the date the form was signed, an undertaking by the signer that he will not blame the company in case of any harm and the activity involved, according to FormSwift. However, the requirements vary from st


Criminal liability is defined by the National Paralegal College as "an act that may be prosecuted by the state in accordance with the state's criminal code." Someone is criminally liable for actions that break the law if the person broke the law knowingly and willfully and if the person exhibited re


An asset is something a business owns that helps produce economic value going forward, according to Chron Small Business, and a liability is an obligation to pay money to a business or entity going forward. Companies sometimes opt to sell assets to pay off liabilities.


Liability insurance covers injuries, accidents and negligence for which a person or business is held responsible, according to Investopedia. A liability insurance policy pays for the medical expenses and compensation to the individual involved and other costs associated with a lawsuit, such as lawye