Legal Question in Business Law in Utah
LLC responsible for personal debt?
If a friend makes me a partial owner of his Limited Liability Company, can the company be held liable a personal judgement against me?
Asked on 2/25/03, 7:17 pm
1 Answer from Attorneys
Alvin Lundgren
Alvin R. Lundgren, L.C.
Re: LLC responsible for personal debt?
The good thing about a Limited Liability Company ("LLC") is that the members of the company are not personally liable for the debts of the company, unless they act beyond the scope of their employment and position. You will incur no personal liability unless you sign agreeing to be personally liable. You should read the Articles of Organization and the Operating Agreement so you understand your rights and responsibilities.
Answered on 2/25/03, 8:35 pm
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