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9 years ago, my partner & I formed an LLC (California) for a film production with investors as non-managing members. The film was made, distributed, and ran its course; now we want to dissolve the LLC. There's no outstanding debt and very little chance of future revenue. All investors but one are OK with assigning the film's rights to us (the filmmakers).
Question: if we split the rights between my partner, me, and the holdout investor, does that mean we're all personally liable if the film draws some unlikely lawsuit in the future? My partner and I don't care since we have no personal assets, but I doubt the investor will feel the same. Is there a solution other than him having to sell his share to us or becoming personally liable? Our operating agreement doesn't specify.