Muller Law Firm Outlines Common Legal Entities
Michimich.com/10271998

BIRMINGHAM, Mich. - Michimich -- What counts as a legal entity when lending money?

When it comes to credit lending, there are five common legal entities:

• Sole Proprietorship: A business owned and operated by an individual, without limited liability or any of the other features of a corporation.
• General Partnership: A business entity where the owners share personal liability for the debts and obligations of the business.
• Limited Partnership: A form of partnership with general partners, who manage the partnership and are personally liable for its debts, and silent partners, whose liability is limited to the value of their interest in the partnership.
• Corporation: An artificial entity or "legal person" that under normal circumstances shields its owners from liability for its debts.
• Limited Liability Company (LLC): An entity similar to a corporation that ordinarily shields its owners (usually called members) from liability for the debts of their business.

More on Michimich.com

• Pure Michigan Lawn Care Launches Lawn Care and Seasonal Cleanup Services in Howell, MI
• The Inner Power of Emotional Self-Leadership
• Dr. Nadene Rose Shares the Secret to True Success: Faith, Obedience, and Divine Purpose
• Understanding Unexpected Death: Why Independent Autopsies Matter in Cases Without Clear Cause
• Epic Pictures Group Sets North American Release Date for the Thriller NO ORDINARY HEIST

In addition to the liabilities described for proprietors and general partners, personal liability may also arise in the context of other legal entities. For example, an individual may become liable by:

• Signing a personal guaranty or suretyship agreement.
• Managing a business as a member of a limited liability company on the very rare occasion that the documents creating the LLC require personal liability.
• Continuing to run a corporation that has been automatically dissolved by the state.
• Making purchases on behalf of a company that has not yet incorporated.
• Commingling personal money with business money or thinly capitalizing the business from the start.

Read the full article on the Muller Law Firm website: https://www.mullerfirm.com/learnmore/collection-services-michigan-common-legal-entities

More on Michimich.com

• Award-Winning REALTOR® Paige Coker Joins Corcoran DeRonja Real Estate
• Over 98% of crypto owners globally don't declare taxes, new report find
• TicTac Group acquires French EdTech company Distrisoft
• Mark Dobosz Makes Donorassess.org Free To Every Nonprofit On The Planet
• Genpak Announces Closure of Utah Manufacturing Facility

Need Help from Michigan Collection Services?

No matter what entity you're dealing with, if they're not paying, we can help you collect. With our firm, you get a comprehensive package of Michigan-based collection services, including international debt and judgement collection. If you have questions or are ready to place a claim, call (248) 645-2440 or submit a contact form here: https://www.mullerfirm.com/contact

About Muller Firm: Located in Birmingham, Michigan, Muller Firm P.C. is a family practice handling debt collection in Michigan for in-state, out of state, and international judgments against debtors. Their debt collection experts fight for creditor's rights no matter how big or small the amount of debt. Call today for help with your collections! www.mullerfirm.com