Legal Question in Bankruptcy in Missouri

LLC bankruptcy debt liability

2 friends of mine and I started a consulting buisness 4 years ago. I was brought in a non-managing member of the LLC to help them get credit. The has accrued alot of debit over the years- both tax and ''regular'' debt. Recently I learned of the extent of this debt and also learned that the managing member wants to dissolve the company. What kind of liability do I have?


Asked on 4/17/02, 12:11 am

1 Answer from Attorneys
Andrew Nichols Law Office of Andrew B. Nichols

Re: LLC bankruptcy debt liability

As long as you did not personally guarantee any loans, lines of credit, etc. You are personally not liable. The LLC could discharge (legally eliminate) all of the debts and no individual would be liable. ph. (800) 303-0720

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Answered on 4/18/02, 8:37 pm


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