Legal Question in Business Law in Florida
Limited Liability Company Personal Liability Question
I am a member of a Limited Liability Company in the US (FL) and looks like the company will close soon. What is the personal liability of the members? Two of the members file the company with a 50/50 share of the loss on their personal returns. The other two members appear on the registered LLC documents, but don�t manage the company and don�t file the company losses on their personal tax returns. Those two members are listed on the LLC filing because they originally gave some money to start the business.
One of the members signed a 12-month (goes into affect at time of default) personal lease guarantee.
I wanted to know if the creditors, landlord could hold each member personally liable if so, to what extent based on the information above? To what extent does the LLC protect the person assets of a member?
Thank you
1 Answer from Attorneys
Re: Limited Liability Company Personal Liability Question
members of the LLC have no liability by virtue of being members as long as the LLC was operated legitimately.
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