Legal Question in Business Law in Utah
Business Investment
If I buy into a company as a silent partner and will own 10% of the company, is there a way to set it up that if the company gets sued or goes in debt I will not be held liable?
Asked on 10/14/08, 6:39 pm
2 Answers from Attorneys
Alvin Lundgren
Alvin R. Lundgren, L.C.
Re: Business Investment
If the company is a LLC or Inc. you cannot be personally sued, except for your own intentional torts (crimes). Your liability will be limited to the amount you invest.
Answered on 10/15/08, 10:26 am
Randy Lish
Randy M. Lish, Attorney at Law
Re: Business Investment
If you own a share of a corporation, then you are protected. If you are a limited partner in a limited partnership, then you are protected. If you own an interest in an LLC, then you are protected. The key is the structure of the business, and what type of interest you have.
Answered on 10/15/08, 10:37 am
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