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August 2010 – WARNING: Single-Member Limited Liability Companies May Be Hazardous To Your Financial Health
February 14th, 2013This warning label should appear on every limited liability company (“LLC”) charter that the California Secretary of State issues to every person who opens a new LLC. For good measure, the Secretary of State should post this warning on every renewal notice it sends to the owners and managers of existing LLC’s. A new case from the Florida Supreme Court, Olmstead v. Federal Trade Commission, points out the asset protection risks inherent in single-member LLC’s. In this law letter, we’ll explain why.