A Timely Notice to Owners of Limited Liability Companies – Especially Those With Only One Member
Under the limited liability company statutes, multi-member limited liability companies provide limited liability for the members and managers of the company. However, single member limited liability companies do not automatically provide limited liability. Limited liability for single member limited liability companies is a facts and circumstances issue. Limited liability is more likely to be upheld if the LLC has proper structure of set-up and adequate evidence and records to verify that the company was properly operated under the limited liability company umbrella.