What happens if I have a unpaid bill under a LLC ?
Date: Mon, 07/19/2010 - 11:36
After one year of closing my restaurant, I am being hit with law suit from ecolab under LLC name. I have no asset under the LLC.
Should I come to a settlement or ignore the debt as I would not be personally liable since no personal guarantee was given.
Any suggestion.
Thank you
Should I come to a settlement or ignore the debt as I would not be personally liable since no personal guarantee was given.
Any suggestion.
Thank you
Who is named in the suit the LLC? If so it is important that you
Who is named in the suit the LLC? If so it is important that you show up in court and explain that your business is closed and has no remaining assets! Did you file chapter 11 or just shut the doors? Either way your personal property is protected. Note: This is an opinion of a lay person and not professional legal advice! The latter would be a much better option for you!
Most creditors who give credit to LLCs have the owner personaly
Most creditors who give credit to LLCs have the owner personaly guarantee the debts so make sure you are not the guarantee on that debt and yes I agree - show up to court and tell them the llc has no assets.
No personal guarantee given to ecolab. I just shut the door.
No personal guarantee given to ecolab. I just shut the door.
