LLC Qestion

[AREZZO]

Does LLC's have an affect on your personal credit? and are you protected from Lawsuites from your business.

[BusinessAdviser]

No, not protected. The limited liability afforded by an LLC only protects its members from liability incurred by the LLC. So it's always better to establish limited liability protection as early as possible.

[hockey97]

no, any contract made before you make a LLC it is not covered by the LLC until after you made the legal documents of being a LLC then anything after that meaning contracts ect will be protected by the LLC.

hope this helps. I know this since I am majoring in accounting and had to learn these legal aspects of it.

However don't take my statement as legal advices or anything. I am just saying I have some background on this. So this statment is not a opinion but more of a educated statement.

hope this helps a little.

[BusinessAdviser]

no, any contract made before you make a LLC it is not covered by the LLC until after you made the legal documents of being a LLC then anything after that meaning contracts ect will be protected by the LLC.

hope this helps. I know this since I am majoring in accounting and had to learn these legal aspects of it.

However don't take my statement as legal advices or anything. I am just saying I have some background on this. So this statment is not a opinion but more of a educated statement.

hope this helps a little.

Partly correct. No, you're not protected for acts done before the creation of the LLC, but just because you have the limited liability protection doesn't mean that everything you do is protected.