Legal Question in Business Law in Oregon
LLC Closures
When closing a LLC can I be sued personally for any outstanding debits? Is there a way to file a bankrupcy with out the expense of an attorney?
Asked on 5/24/05, 6:31 am
1 Answer from Attorneys
Susan Burns
Law Office of Susan Ford Burns
Re: LLC Closures
The answer to your question is "it depends."
If you have guaranteed any of the LLC's debts personally, you are liable for them, regardless of whether or not the LLC files bankruptcy. It is not uncommon for the members of an LLC to be required to guarantee bank loans and leases, among other debts (in fact, many banks and landlords will require this). I also see the requirement of a personal guarantee in trade lines of credit from some vendors.
If you take any of the LLC's assets, you are liable to its creditors for the value of those assets.
Answered on 5/24/05, 8:48 am
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