Legal Question in Business Law in Illinois
Limited Liability Company (LLC)
If a one-person Limited Liability Company (LLC) was to be
sued in court, to what extent are the person's personal assets (house, car, etc.) protected?
1 Answer from Attorneys
Re: Limited Liability Company (LLC)
The answer to your question depends on the nature of the suit. Normally, the owners of the LLC are protected personally by the corporate veil. However, under certain circumstances, the corporate veil may be "pierced," which could cause the individual owners to be personally liable. There are many factors to consider before the corporate veil may be pierced. These factors and the varying ways in which they apply are too numerous to mention in this response. If you would like more details you may email me or contact my office at 312-236-9906.
Very truly yours,
Thaddeus J. Hunt, Esq.
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