Legal Question in Business Law in Delaware

I am thet sole owner of an llc. My LLC was loaned 500K to invest in a trucking route business. There is no personal guarantee for the loan. What happens if the trucking business fails. Am I personally liable for the outstanding balance? What would be my options?


Asked on 12/13/24, 10:35 am

1 Answer from Attorneys

Frank Natoli Natoli-Legal, LLC

It is very hard to believe that someone who has $500K to loan to a new business would be frankly foolish enough to lend it without any personal guarantee at all. If that is the case, then you would not be liable unless they can show that the entity was really a sham or " alter ego" entity and that this was more of a fraud than it was a legit business transaction.

If you need help or clarification, feel free to contact me anytime that is convenient.

You can review our outstanding client reviews here: https://www.avvo.com/attorneys/10007-ny-frank-natoli-1791330.html#reviews.

And our firm is now referred by the American Bar Association (see under the New York section):

http://www.americanbar.org/groups/delivery_legal_services/resources/programs_to_help_those_with_moderate_income.html.

Kind regards,

Frank

Natoli-Legal, LLC

www.LanternLegal.com

866-871-8655

[email protected]

DISCLAIMER: this is not intended to be specific legal advice and should not be relied upon as such. No attorney-client relationship is formed on the basis of this posting.

Read more
Answered on 12/13/24, 1:48 pm


Related Questions & Answers

More Business Law questions and answers in Delaware