Gourmet Provisions Intl Corp (GMPR)

[The GidDy uP Kid]

The main reason people form LLCs is to avoid personal liability for the debts of a business they own or are involved in. By forming an LLC, only the LLC is liable for the debts and liabilities incurred by the business—not the owners or managers. However, the limited liability provided by an LLC is not perfect and, in some cases, depends on what state your LLC is in.

Before you get started on your business venture, you’ll want to consider the potential liability risks of your business and the protection you’ll get from an LLC. Specifically, you should think about the following liability risks you take on as an LLC owner:

1) personal liability for your LLC’s debts

2) personal liability for actions by LLC co-owners or employees related to the business

3) personal liability for your own actions related to the business, and

4) the LLC’s liability for other members’ personal debts.

https://www.nolo.com/legal-encyclopedia/limited-liability-protection-llcs-a-50-state-guide.html