Legal Question in Business Law in Colorado

Does an LLC (2 members) protect the members personally if the business fails and defaults on a real estate mortgage?

Asked on 4/19/13, 7:41 am

1 Answer from Attorneys

Robert Murillo Mosaic Legal Partners LLC
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It all depends. Most times lenders will require personal guarantees. If there are personal guarantees those will apply and the LLC does not prevent the lender from going after that person for all of their assets.

If the LLC is having issues, the LLC should speak with a business attorney to discuss workout options.

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Answered on 4/19/13, 7:48 am

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