Legal Question in Real Estate Law in Michigan

LLC liability- prior acts

I have been appraising houses, doing business under the name Smiths Appraisal for 10 years. I recently formed Smiths Appraisal LLC to limit my personal liability. If someone sues me for an appraisal I did 5 years ago, are my personal assets still protected under my LLC?

Asked on 5/22/07, 11:01 am

2 Answers from Attorneys

Audra Arndt Audra A. Arndt & Associates, PLLC
0 users found helpful
0 attorneys agreed

Re: LLC liability- prior acts

No, you are only protected for actions taken while the LLC was in effect. If you had professional malpractice insurance at the time you made a boo-boo, then it may cover you.

Read more
6/01/07, 8:39 pm
Regina Mullen Legal Data Services, PLC
0 users found helpful
0 attorneys agreed

Re: LLC liability- prior acts

No, they did business with you under the assumption and direction that you were an individual. Can your business defend the claim? Absolutely, but your liability is probably not affected (even today) by your LLC status.

The reason is that you are still really the company and the company is still really you.

You can stave off complaints with good customer after-care, so look into that as a possible way of ferreting out potential issues from the past. AND, get a legal opinion on the statute of limitations for your industry. It's a deductible business expense.

Read more
5/23/07, 2:36 pm

Related Questions & Answers

More Real Estate and Real Property questions and answers in Michigan

Looking for something else?

Get Free Legal Advice

8808 active attorneys ready to answer your legal questions today.

Real Estate and Real Property Legal Forms

Browse and download our attorney-prepared and up-to-date legal forms from $4.99

Find a Legal Form

Featured Attorneys

Anthony RoachLaw Office of Anthony A. RoachChatsworth, CA
Terry A. NelsonNelson & LawlessRiverside, San Bernardino & La, CA
Timothy McCormickLibris Solutions - Dispute Resolution ServicesSan Francisco, CA
Find An Attorney

Are you an Attorney?

Earn additional revenue and grow your business. Join LawGuru Now