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.
0 users found helpful
0 attorneys agreed

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

Read more
Answered on 8/23/13, 7:13 am
David Browde David A. Browde, P.C.
0 users found helpful
0 attorneys agreed

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

Read more
Answered on 8/23/13, 7:14 am
Tatyana Agarunov Agarunov Law Firm
0 users found helpful
0 attorneys agreed

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

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

Related Questions & Answers

More Business Law questions and answers in New York

Looking for something else?

Get Free Legal Advice

88423 active attorneys ready to answer your legal questions today.

Business Law Legal Forms

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

Find a Legal Form

Featured Attorneys

Anthony SmithLawSmithLee's Summit, MO
Michelle ScopelliteGoldstein & Scopellite, PCTucson, AZ
Anthony RoachLaw Office of Anthony A. RoachChatsworth, CA
Find An Attorney

Are you an Attorney?

Earn additional revenue and grow your business. Join LawGuru Now