Replies to post #16341 on Western Sierra Resource Corp (WSRC)

[gitreal]

Apparently, some folks think that you can simply declare your subsidiary to be a LLC without filing any paperwork with the state. It's magic! Like the $4 billion Sage Hen gold mine......no exploration, not even active claims.....and voila.....$4 billion dollars!!! More magic!

And now it's a supposed mitigation company that has not filed organization paperwork anywhere, has a $1.9 billion contract with somebody, funded by some Federal agency, with some unknown scope of work, being done by some unknown contractors registered somewhere.

Only in the Magic World of the OTC!

[fojcol]

Limited
Liability
Company

Many small companies would incorporate to avoid liability to the owners. In other words, if someone sued the company, the assets of the stockholders are safe from liability.
Back in the 90's (I think) it became possible to register sole proprietorships (single owners) and partners as LLC's, shielding the ownership from liability in case of lawsuit, accomplishing what incorporating alone could do before then.

A corporation, automatically having limited liability, has no need to claim status as an LLC.

[TEFFY]

Limited Liability Company