Quote:
Originally Posted by TiltonBB
If an LLC member personally guarantees a business's loans or obligations, he or she will be held liable for any default. An LLC won't protect a member who commits a wrongful act or is negligent in a way that results in harm to another person, such as fraud or assault. In a lawsuit you usually name anyone who may have any liability at the beginning and then it gets sorted out by the court and the lawyers as the case proceeds.
In my experience with commercial loans the bank almost always has you sign personally for any credit extended. One would think that was the case with the $8.5 million in loans.
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Plus, if the LLC owns the marina, and the LLC is sued successfully, the marina is gone
04-23-2023, 05:02 PM
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