In Order to Obtain Limited Liability,Tom and Doris Formed an LLC

question 14

Essay

In order to obtain limited liability,Tom and Doris formed an LLC to operate their catering business.They sometimes deposited the proceeds from catering jobs into their personal checking accounts and if they needed to pay personal bills and were short of funds,they used the business account.If creditors of the business cannot get payment for their invoices,is there anything a court can do to help the creditors?

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Definitions:

DSM Published

Refers to the publication of the Diagnostic and Statistical Manual of Mental Disorders, a handbook used by healthcare professionals as the authoritative guide to diagnosing mental disorders.

Legal Document

An official paper that records agreements, rights, or obligations with legal significance.

Assessment Report

A document that summarizes the findings, interpretations, and recommendations following an evaluation or assessment.

Nonverbally

Communicating without the use of spoken language, often through gestures, facial expressions, and body language.