Law Articles & Resources
1. What is an LLC?
The 1, 2, 3’s of LLCs
A Limited Liability Company or “LLC” means an entity formed or existing under Alabama Limited Liability Company Law of 2014, and more specifically Sections 10A-5A, et seq. In simple language, an LLC is a business structure whereby the members of the company cannot be held personally liable for the company’s debts or liabilities. LLCs are basically hybrid entities that combine the best characteristics of a corporation and a partnership or sole proprietorship. Alabama recognizes several different types of businesses, for example: Corporation; Limited Liability Company “LLC”; Limited Partnership “LP”; General Partnership “GP”; Limited Liability Partnership “LLP”; Limited Liability Limited Partnership “LLLP”; and Professional Associations. Not to mention, the various non-for-profit business and charitable entities.
Written by Dr. Alex Bigham, DC, Novocur Pain Management
7 Delayed Injury Symptoms After An Auto Accident
Motor vehicle accidents are generally horrific experiences — even when the vehicle damage is not severe. Everyone reacts differently to a crash. Some experience a mental fog, making it difficult to think or focus. Others might find their minds flooded by thoughts and concerns. In addition to the mental trauma and emotional disorientation, sometimes vehicle accidents cause physical damage that’s hard to notice amidst immediate distractions. Even serious physical issues might not present any signs for several days.
The first six weeks after a whiplash injury are usually conservative in care. Massage, chiropractic care and physical therapy may be part of the comprehensive healing program. Pain that continues past 6 weeks without continued improvement with conservative care is appropriate to seek the care of an interventional pain doctor. Injectable treatments, such as the ones found at Novocur, can reduce inflammation and get back to the road of being pain-free again.
Unless properly dissolved the business of a defunct business may stop, but the liability of the former owners may continue. Not to mention the tax filing requirements and in some cases the business privilege tax requirements remain in place and ongoing.
What happens when a business goes OUT OF BUSINESS?
To further complicate matters, if any of the owners took a distribution, or transferred an asset, or took possession of property, or otherwise moved anything from the former business to their personal account or possession, in the face of any claims, known or unknown, those assets can be clawed back, and can even become the basis for an independent fraudulent transfer cause of action against the business owners in their personal capacities on top of the misappropriation.