What can happen to a member of an LLC who has a business credit card in their name and the LLC has dissolved?

Asked 8 months ago - Fort Collins, CO

50/50 membership, dissolved because one of the two could no longer afford to put in their 50% when needed. This same person does not have a business card in their name, however, the other member does. If the business is no longer, the business card can not be paid. What happens to the member who has it in their name.

Attorney answers (2)

  1. Christopher Daniel Leroi

    Pro

    Contributor Level 20

    4

    Lawyers agree

    Answered . The credit card company "could" come after you personally, not just the LLC, for the money owed on the business credit card. Many attorneys have LLCs as well and the credit card companies make sure that we sign off individually as personal guarantors for the credit card as well.

    The information provided in this answer does not create an attorney-client relationship. If you are interested in... more
  2. Daniel Nelson Deasy

    Contributor Level 20

    2

    Lawyers agree

    Answered . This is simple -- the credit card company wants their money and they will come after you personally if you are a signer in the account. Why don't you save a headache and negotiate a resolution?

    In no way am I offering you legal advice, and in no way has my comment created an attorney-client relationship.... more

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