Legal Question in Business Law in Illinois
My wife is starting a Limited Partnership Business. We both own a home and wondered if I should take her name off the home in case she is sued
1 Answer from Attorneys
As a franchise attorney, my understanding is money or property acquired during the course of the marriage in Illinois is presumed to belong to the marriage (both of you), so taking her name off the title probably won't insulate the home from claims. If she's just the limited partner, then presumably her liability is limited to what is invested. If she's the general partner, then different story. Why doesn't she make things easier by using an LLC or corporation instead? That's why these entities evolved - to limit liability. Consult with a good business or franchise attorney in your area for specific advice.
Mr. Franchise - Kevin B. Murphy, B.S., M.B.A., J.D.
Franchise Attorney
Franchise Foundations APC
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