There are relatively few types of assets that are statutorily protected from claims of creditors. Membership interests in limited liability companies (“LLCs”) and partnership interests are afforded a significant level of protection through the charging order mechanism.

The Importance of History

Before the advent of the charging order, a creditor pursuing a partner in a partnership was able to obtain from the court a writ of execution directly against the partnership’s assets, which led to the seizure of such assets by the sheriff. This result was possible because the partnership itself was not treated as a juridical person, but simply as an aggregate of its partners.

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Accounting Software Strengths

As the whole small business accounting software for a limited liability company is written on excel spreadsheets all bookkeeping transactions are visible. Each excel workbook being arranged in 12 monthly worksheets. Prime data entry excel spreadsheets being provided for sales, purchases, cash, bank, savings account and credit card account. Financial transactions such as sales or expenses are then simply listed on the appropriate months’ sheet. And should a change be necessary any item can be easily changed. This simple listing process is a huge advantage to non accountants as no previous bookkeeping or accountancy software knowledge is required.

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