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Limited Liability Company Risk of Personal Assets
What is personal risk exposure?
The primary purpose of forming a Limited Liability Company or a Corporation is to shield your personal assets (home, cars, savings accounts, etc) from lawsuits and creditor actions arising from the operation of your business.
If your Limited Liability Company is not set up properly, then your personal assets may be taken away from you if your business looses a lawsuit.
Much of the personal risk exposure of LLC members depends on who prepared the paperwork for the LLC.
Online services, non-lawyer incorporation services, CPAs, and even disbarred attorneys generally prepare the necessary paperwork, but often LLC members never get around to signing all the necessary documents. Further, the Operating Agreement, required by Georgia law, is never thought out or never signed or worse, never even prepared. The liability exposure if any of those persons prepared your LLC is high.
We can quickly resolve the high liability exposure by providing the proper legal advice and completing the required documentation.