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?
3 Answers from Attorneys
That depends. Can the veil of the LLC be pierced by the plaintiff?
Sorry...that was lawyer talk. If the veil is pierced that means the plaintiff could reach your personal assets.
There could be circumstances under which partners could be found personally liable. That depends on how the LLC is operated.
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