Limited Liability Companies (LLCs)
With widespread popularity, LLC legislation may be found in every American state as well as many leading offshore centers. Lighthouse Trust staff have participated in the drafting or amending of LLC legislation in several popular jurisdictions for business planning, including Delaware, Ohio, North Carolina, Wyoming, Nevis, and Belize.
In certain jurisdictions, while LLC legislation may not be available, close analogs enable clients and their advisors to establish closely-held business enterprises with similar benefits. For example, in Switzerland, the GmbH is a popular type of entity for business planning, with modest capitalization requirements and the absence of onerous corporate formalities.
LLCs do not require the same formalities as corporations.
LLC members are protected under many LLC laws from liability for the unpaid debts of the LLC.
Managers need not be members, and vice versa.
Several jurisdictions limit creditors of an LLC member to a charging order as the sole remedy.