Legal Question in Business Law in Maryland
LLC business
We currently have a LLC and a lendor wants to put a judgement and lean on personal Property, Can they?
Asked on 5/04/09, 6:00 pm
2 Answers from Attorneys
Robert Sher
Wagshal and Sher
Re: LLC business
Unless the owners personally guaranteed an obligation of the LLC, they cannot be held liable for the LLC's debt. Check your paperwork and see if there are personal guarantees, as this is often the case when a loan is being made to a new or small company. If not, only the LLC's assets are subject to the lender's claims; that's why you formed it in the first place.
Answered on 5/05/09, 9:35 am
G. Joseph Holthaus III
Law Offices of G. Joseph Holthaus
Re: LLC business
Yes.
Answered on 5/04/09, 10:31 pm
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