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As a member of an LLC- only 10% if the LLC is in debt and cannot pay am I personally liable?
Illinois
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Posted 8 months ago in Limited Liability Company (LLC)
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The manager of the LLC who has 45% and the other member $%% and I 10% am I personally liable for debt personally or just the LLC.
Manager has not manged the money well and we are currently in debt by $450,000. What should I do? - Is this your question? Add additional information Answers (1)
Erik Glen Swanson
This attorney is licensed in Illinois.
Posted 8 months ago.
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You shouldn't be personally liable, unless you personally signed any of the debts or the LLC was a sham and not a legitimate business.
The manager may have liability to you and the other members, depending on his actions. It's possible you may be able to recover some of your losses, however, it would take an attorney's review of the matter to determine if you have a potential case. |
