[QUOTE=Lord Helpus;8322274]
LLC’s are, by definition, Limited Liability Companies. If a business goes bankrupt, and the business is a LLC, the purpose of creating the LLC is to shield the owner’s assets from being attached by creditors of the LLC.
However, courts have recognized that using a legal entity to avoid liability so the owner can just go out and form another LLC and start the process all over again, violates the concept of “equity”:
[ https://www.law.cornell.edu/wex/equity ]
Hence the concept of “piercing the corporate veil”.
[ http://www.nolo.com/legal-encyclopedia/personal-liability-piercing-corporate-veil-33006.html ]
I.e. Courts can rule that, in cases where it is just not plain fair to let the business owner off the hook, the right thing to do is to look through the entity and go after the owner.
Of course, these equitable concepts address business owners and bankruptcy because there is not a large body of law dealing with horses and horse shows. But, in theory, the tools are available if the USEF chooses to go after owners of an LLC (or a Corporation). The problem here is the cost of doing it, and smart horse owners (or horse owners with smart attorneys) know that.
For those nerds who love to know about these things ----- This all goes back to jolly olde England where there were separate courts: 1. Court of Law, and 2. Court of Equity. The latter still has a presence within the Court of Law, and sometimes is used in the interests of fairness. But, in our litigious society, “equity” is taking a back seat to “law”.
There will be a test on the above on Monday, so start studying! :) )[/QUOTE]
Well put, and every LLC has a registered agent on file. Usually there are articles of organization that lay out the ownership too.
In racing, an LLC can "own" a horse, but the owners of the LLC have to be declared and licensed.