Legal Question in Civil Litigation in Ohio

defaulted loan

We sold our business to a person that has defaulted on the loan. He signed the promissory note as an LLC instead of personally and the LLC was cancelled due to failure to pay franchise taxes. I am assuming there are no assets in that LLC and wondering what, if any, recourse we have now to get the monies owed to us?


Asked on 10/03/07, 3:40 pm

3 Answers from Attorneys
Jared Beck Beck & Lee Business Trial Lawyers

Re: defaulted loan

You may be able to "pierce the corporate veil" and have recourse against the individual in the event that you can show that the company was a "sham" or was created to defraud. However, that will depend on the exact circumstances of your case.

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Answered on 10/03/07, 4:02 pm
Michael Stewart Michael D. Stewart

Re: defaulted loan

Depending on the circumstances you might be able to go after him personally.

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Answered on 10/03/07, 4:45 pm
Johm Smith tom's

Re: defaulted loan

You may be able to go after them personally, especially if an attorney assisted you in setting up the sale.

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Answered on 10/03/07, 4:56 pm


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