Limited liability is when a company’s liability is limited to a fixed sum, which generally comes to the monetary value of the person’s investment in a company or other partnership. If a company with limited liability is sued by another party, the other party is not going after their personal assets, they are going after the company – not the company’s owners or investors. A shareholder or investor of a limited liability company will not personally be held responsible for the debts of the company, should the company fall under the scrutiny of a lawsuit. Limited liability protects the individual from having their assets evaluated if their company is sued by another party.
legally reviewed by
Ian began work on creating and running Silverthorne Attorneys from the ground up. Since beginning the practice in 2012, Ian our team at Silverthorne Attorneys has been able to recover several seven-figure settlements...