LLC

LLC
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Storyboard Description

teacher and students explanation

Storyboard Text

  • Hey john you ready for that Special types of ownership test?
  • No!?! I mean I get the gist of it, its just that I don't understand what an LLC is?
  • its pretty easy all you have to remember is...
  • Wait!!! I still don't what it means to have an LLC?
  • you'll be alright bro just ask the teacher what you need to know about it before the test starts 
  • Oh man thats the bell..well good luck on your test 
  • Hey Ms.grapes Can we go over what it means to have an LLC real quick I really don't understand
  • ugh I hate tests!!!
  • Oh man I forgot we had a test
  • Sure John, basically an LLC as you already know is a type of corporate structure where the members of that company cannot be held personally liable for that company's debts and or liabilities. 
  • So what you trying to say is that any problems that concern the work towards the company whether its incompleted or just done wrong is not the employees fault?
  • Oh I see, well how does it work?
  • Here I'll explain. Its more or less made up with a partner to an arrangment which requires articles of organization to be filed with the states. Its mostly seen as a hybrid entity, basically a combination of characteristics from a corporation and sole propietorship 
  • Yes sam thats somewhat correct. Also John to answer your question its not that quite complicated
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