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. 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?

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

2 Answers from Attorneys

Tatyana Agarunov Agarunov Law Firm
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It is difficult to say. I recommend for you to reach out to an attorney to review your situation in detail and discuss available options.

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Answered on 8/23/13, 9:01 am
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You should consult a bankrupcy attorney ASAP.

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Answered on 8/23/13, 9:16 am

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