New York  |  Business Law

Legal Question

Asked on: 8/23/13, 8:39 am

We have an LLC with IP assets and $8 in a checking account. The LLC is being sued for $35,000. We're sure personal assets are protected. I'm not sure if there's a market for the IP - but it's valuable to us and we think we can use it to publish profitable material in the coming years. What happens in these situations? Should we dissolve the LLC? File for bankruptcy?

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