Posted by Tyrone on February 20, 2007 at 08:27:15:
The question thatI’m most concerned with is that if I soley own the company and in the event of a accident can the person sue the company?
Sued personally, outside of LLC, what happens? - Posted by Wayne-NC
Posted by Wayne-NC on May 15, 2004 at 20:18:59:
If one is sued personally, outside the LLC, let’s say from a car accident, can the assets from the LLC be hauled in to satisfy the claim as well?
Re: Sued personally, outside of LLC - Posted by William Bronchick
Posted by William Bronchick on May 17, 2004 at 08:26:59:
No, that’s the point of the LLC. A creditor with a judgment against you cannot attach assets owned by your LLC, but is limited to a charging order against your LLC interest. In rare cases, a judge can order foreclosure of your LLC interest, but the person who buys that interest only gets an assignment of income, not voting rights.
This is assumes you have an LLC with 2 or more members.
Re: Sued personally, outside of LLC - Posted by Mike
Posted by Mike on May 18, 2004 at 12:18:51:
Would I be correct if I said, If the property is in a single member LLC you could lose your interest as well as the property, because you are the only member.