Legal Question in Business Law in Iowa
New business being taken advantage of
I have had a sole proprietorship for that last few years that is barely above a hobby. On 10-11-2006 I reserved the name of an LLC with the State of Iowa, but I haven't filed the LLC papers yet. I have since done business with another small business that went sour and they are refusing to pay me. I think I will need to sue, and I understand currently they can countersue me and that makes me a little nervous. Since I started the paperwork a year ago to reserve the name and have been working on the papers, if I form the LLC before I sue for the money owed to me, can I protect my personal assets from their countersuit?
1 Answer from Attorneys
Re: New business being taken advantage of
You can try, but they will argue that they did business with a person before the date the corporation was formed.
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