Legal Question in Business Law in New York

Re: LLC and Personal Asset Protection

If the business is sued, then your personal assets are not up for grabs unless the plaintiff can make a case for piercing the corporate veil (which is very difficult to do). Make sure you don't commingle accounts and funds of the business with your personal accounts and funds. Keep them separate.

However, if somebody names you in the caption of a lawsuit, then they are suing you personally and your assets could be subject to execution if a judgment is taken against you. If you are sued because of something related to your business, then you need to speak with an attorney who can explore your available remedies such as moving to dismiss the complaint against you individually.

Generally, you cannot be held personally liable for acts done in your capacity as an officer or member of the LLC unless you exceeded the scope of corporate authority or committed an intentional act. You would need to consult with an attorney for the best advice.

Re: LLC and Personal Asset Protection

Generally, you will be protected unless there was specific criminal activity on your part, this is called pericing the corporate veil.

Please contact my office to further discuss this case. 2127098303