Brazil Clark, PLLC
Fiduciary Duties of LLC Members
You and some of your friends or associates decide to create a business to provide a needed service to your communitya You could open the business as a partnership, but then each of you would be personally liable for any outstanding debts or lawsuits should the business not succeed. So instead, you all agree to form a limited liability company (LLC), which protects its members (owners in an LLC are referred to as members) from personal liability.