Legal Question in Business Law in Texas

Is the LLC a going concern? Do you have obligations in place on the LLC? Have you personally guaranteed any debts of the LLC? Is there pending litigation against you or the LLC?

You can always sell the LLC, and have part of the purchase price be an indemnity agreement, such that if you do encounter liability the buyer will pay for it. However, if the buyer has no assets or means to pay for a defense and there's no applicable insurance, you'll have a problem.

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