Legal Question in Business Law in Utah
I'm looking to form a new business and wondering if an LLC is right for me. I know an LLC protects a members personal assets but what about the reverse? Is the LLC's assets protected if a member is personally sued?
Asked on 1/26/10, 7:19 pm
1 Answer from Attorneys
Alvin Lundgren
Alvin R. Lundgren, L.C.
If a LLC is set up properly the assets of the LLC belong only to the LLC. If the LLC is sued it is liable only for its assets, and the members are not personally liable. However, a member may have liability for the LLC since the LLC may be owned by the member. There are ways to make this difficult. You may call for a free consultation.
Answered on 1/31/10, 9:35 pm
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