Legal Question in Business Law in New Mexico

LLC financial liability

I agreed to be the second name on my boyfriend's new LLC for real estate development. What financial liability do I personally have if the corporation doesn't do well financially, particularly if it goes bankrupt? Thank you.


Asked on 7/17/08, 7:22 pm

1 Answer from Attorneys
Charles Aspinwall Charles S. Aspinwall, J.D., LLC

Re: LLC financial liability

Assuming no fraud of creditors or other criminal activity, a member of an LLC is limited in liability to the amount of her investment if the LLC is properly run and appropriate records are kept.

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Answered on 7/17/08, 7:45 pm


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