[COLUMN] Q&A for Nevada LLCs

Can creditors go after my business?

  • Yes, creditors can go after your business – but only after business assets (business bank accounts, equipment).
  • But they cannot go after your personal assets (personal bank accounts, appliances, home).

Who is liable for LLC debt?

  • The LLC, not you personally.

What are Nevada LLC members liable for?

  • Nevada state law does not create liabilities for you as members or managers of LLC.

Can LLC members be liable for LLC debt?

  • No, members (owners) are not liable for Nevada LLC debts.
  • LLC is separate from its owners.
  • Business assets are owned by the LLC, business debts are owed by that entity.
  • If members contributed assets to LLC, creditors can seize those assets.
  • Nevada lures businesses by outdoing Delaware in shielding corporations and LLCs from liabilities.

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Victor Santos Sy graduated Cum Laude from UE with a BBA and from Indiana State University with an MBA. Vic worked with SyCip, Gorres, Velayo (SGV – Andersen Consulting) and Ernst & Young before establishing Sy Accountancy Corporation.

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He retired after 50 years of defending taxpayers audited by the IRS, EDD, BOE and other governmental agencies.  He published a book on “How to Avoid or Survive IRS Audits” that’s available at Amazon. Readers may email tax questions to vicsy@live.com.

 

Victor Sy, CPA, MBA (retired)

Victor Santos Sy, MBA. CPA (Retired) Victor Santos Sy graduated Cum Laude from UE with a BBA and from Indiana State University with an MBA. Vic worked with SyCip, Gorres, Velayo (SGV – Andersen Consulting) and Ernst & Young before establishing Sy Accountancy Corporation. * * * He retired after 50 years of defending taxpayers audited by the IRS, EDD, BOE and other governmental agencies. He published a book on “How to Avoid or Survive IRS Audits” that’s available at Amazon. Readers may email tax questions to vicsy@live.com.

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