Limited Liability Companies FAQs

Limited Liability Companies FAQs

Can I use the IBC to conduct business in the United States?

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Yes you can. However, a better suggestion is to set up a Limited Liability Company (LLC) for your business activities in the U.S., and have the LLC owned exclusively by the IBC (which is controlled by the PIF, which is controlled by you).

Can I place my house in an LLC?

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Yes you can. However, you obtain have greater privacy by placing real property into a Pure Trust Organization. LLCs are more effective working with other entities - individual and/or artificial - in connection with activities that are statutorily controlled. An LLC’s activities are exposed and subject to statutory scrutiny, taxation and control.

Can I open a bank account with an LLC?

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Yes. Banking is a standard use for LLCs. As manager of the LLC, you can be the signatory on the bank account without sustaining direct liability.

Why is it better for an LLC to act as an agent instead of a principal?

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The Law of Agent and Principal states that the agent cannot be held liable for actions taken in good faith on behalf of the principal. As long as the LLC acts as an agent for other parties, it generally does not carry liability for any damage that might occur as a result of its activities.

What does it mean for an LLC to act as an agent instead of a principal?

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It means that the LLC is acting on behalf of other individuals or artificial entities rather than directly owning assets.

Can I run my business out of an LLC?

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Yes. An LLC is ideally suited for running a business in the United States. However, there are ways of utilizing an LLC that provide less exposure and greater liability protections. For example, we recommend always using an LLC as an agent; never as a principle.

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