Does a surety bond have personal liability?
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Does a surety bond have personal liability?
If your business is incorporated as an LLC, do you have personal liability if the company defaults or is dissolved?
Asked on February 19, 2019 under Business Law, Missouri
Answers:
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 5 years ago | Contributor
It depends on whether you issued or signed the bond only as the LLC (e.g. signing it as "Managing Member, LLC" or "President, LLC" or something else to that same effect) or in your personal capacity (just your name, not as a member/officer of the LLC). If only by the LLC, then only the LLC is liable; if personally, then you are liable. With an LLC, members or managers are only personally liable to the exent they personally assume or take out the obligation.
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