If my partners and I are setting up a new LLC to purchase a small business but I’m entering an unrelated lawsuit, since my name is on the LLC could this affect things negatively if I loose?
Get Legal Help Today
Compare Quotes From Top Companies and Save
Secured with SHA-256 Encryption
If my partners and I are setting up a new LLC to purchase a small business but I’m entering an unrelated lawsuit, since my name is on the LLC could this affect things negatively if I loose?
Asked on December 12, 2012 under Business Law, North Carolina
Answers:
eric redman / Redman Ludwig, P.C.
Answered 11 years ago | Contributor
if you lose the lawsuit and owe money to someone they can collect from your assets- which would include your ownership in the LLC- if it was actually worth anything
IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.