Legal Question in Business Law in New York
We have an LLC with IP assets and $8 in a checking account. The LLC is being sued for $35,000. What happens in these situations?
Asked on 8/23/13, 7:11 am
3 Answers from Attorneys
Kristen Browde
Browde Law, P.C.
That depends. Can the veil of the LLC be pierced by the plaintiff?
Answered on 8/23/13, 7:13 am
Kristen Browde
Browde Law, P.C.
Sorry...that was lawyer talk. If the veil is pierced that means the plaintiff could reach your personal assets.
Answered on 8/23/13, 7:14 am
Tatyana Agarunov
Agarunov Law Firm
There could be circumstances under which partners could be found personally liable. That depends on how the LLC is operated.
Answered on 8/23/13, 7:23 am
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