Legal Question in Business Law in Georgia
my stepson wants my wife to form an LLC for his new business with her being the only one on the LLC. The LLC will be in South Carolina but we live in Georgia. What is the potential downside to this and are we really protected in case the company runs into financial problems? Also, what documentation do we need to form the LLC?
Asked on 12/29/21, 1:19 pm
1 Answer from Attorneys
Glenn M. Lyon, Esq.
MacGREGOR LYON, LLC, Business Attorneys
There is definitely some potential downside because not all liability is shielded by the LLC. For example, tax liability will be personal to the members (owners).
Answered on 1/19/22, 1:46 pm
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