Legal Question in Business Law in Illinois

I'm in the process of buying a business. I bought it as a LLC. I've put down a deposit. Just before the closing I decided to not finalized the deal because of a 25% loss in sales. Could I be sued as an invidual?


Asked on 9/27/10, 5:10 pm

2 Answers from Attorneys
Bruce Burdick Burdick Law Firm

If you, as an individual, bought the LLC of course you can be sued as an individual. If you, as some limited liability business entity, bought the LLC then it is your business entity that is liable not you. You can always be sued, however in the second case you are not likely to be sued successfully..

Read more
Answered on 10/03/10, 4:59 pm

A lot depends whether you actred as an LLC at the time of negotiations, etc. Did you sign the document in your capacity as an LLC represntative and did you conduct yourself in accordance with your oragniazation documents? If so, you are probably insulated.

Read more
Answered on 10/04/10, 9:24 am


Related Questions & Answers

More Business Law questions and answers in Illinois