Legal Question in Business Law in New York

We have an LLC with IP assets and $8 in a checking account. The LLC is being sued for $35,000. What happens in these situations?

Asked on 8/23/13, 7:11 am

3 Answers from Attorneys

David Browde David A. Browde, P.C.

That depends. Can the veil of the LLC be pierced by the plaintiff?

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Answered on 8/23/13, 7:13 am
David Browde David A. Browde, P.C.

Sorry...that was lawyer talk. If the veil is pierced that means the plaintiff could reach your personal assets.

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Answered on 8/23/13, 7:14 am
Tatyana Agarunov Agarunov Law Firm

There could be circumstances under which partners could be found personally liable. That depends on how the LLC is operated.

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Answered on 8/23/13, 7:23 am


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