A limited liability company is a legally separate entity created under state statutes. Therefore, it is wholly distinct from its owners. An LLC shields its owners from personal liability related to the operations of the business. If an LLC fails to pay the IRS or its creditors, they may garnish its bank account. If the LLC’s owner fails to pay personal debts, neither the IRS nor creditors can garnish its bank account, as long as the LLC maintains its separate status.
Re: irs
Member #: 170
Registered: 1996-2001
Posted:
4051
Name:
Mark Connelly
Name:
Mark Connelly
Company:
Adapt or Die
Occupation:
Retired
Location:
Cincinnati Ohio
Personal:
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