Minnesota | Business Law
Legal Question
"Question: What amount of protection does the LLC status protects me from my Personal assets being seized? Background: My old firm (now closed) and I are personally along with business partner being sued. We own a residential drafting firm (think unlicensed architects) and we did work for a client that they claimed caused to have their work was defective (the hire a firm that specializes in construction law). We were hired to "managed a project" and had a contractor who was licensed (with insurance and a state license as required) contact with the homeowner directly; we were "advisers" to the project. They claimed the work was deficient. We had a contract written from my company that identified they were doing business with the firm a LLC (not us individually)...the contact did not spefically say the the homeowners were doing business with only the LLC...but refered to the LLC in the document...all payments were made to the LLC name and deposited in the LLC account The homeowners tried suing the contactor, but the insurance law firm (read "big mean" lawyers) would not even think of settling, so the homeowners dropped them from the suit They original said in the suit the damages were $150,000 in a new filing the say $50,000
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