Corporations debt

Date: Mon, 02/11/2008 - 16:29

Submitted by anonymous
on Mon, 02/11/2008 - 16:29

Posts: 202330 Credits: [Donate]

Total Replies: 3

If I have credit cards in a LLC name with its own tax id number, can I be sued personally for the debt. I received a letter from a lawyers office and the LLC name is not on the letter just my name.

Are you the primary for the LLC, if so then you probably can be

Are you the primary for the LLC, if so then you probably can be held liable since you are the primary. What all this can affect in your personal life I am unclear about. It would all depend on how you had the business set up. Could you give more detail please so that we can see if the business has any ties to your personal property.

lrhall41

Submitted by jos82003 on Wed, 02/13/2008 - 07:28

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Request a copy of the credit agreement...I believe that as a con

Request a copy of the credit agreement...I believe that as a condition of extending credit, the creditor can require a personal guarantee.

lrhall41

Submitted by Morningstar on Wed, 02/13/2008 - 07:53

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The laws regarding LLCs vary from state to state. From what I ha

The laws regarding LLCs vary from state to state. From what I have read debts incurred by an LLC cannot be applied to personal assets in most cases. Here is a link that may help!
http://biztaxlaw.about.com/od/liabilityprotection/a/LLCLiability.htm

lrhall41

Submitted by Frogpatch on Wed, 02/13/2008 - 08:39

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