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What protection do your business partners have if you have a judgment placed against you?
Wiki User
∙ 19y ago
Obviously it is not related to the business and therefore as a personal affair, it would have no effect upon a jointly owned business. Creditors generally cannot take action against jointly owned business when there is a sole debtor.
Wiki User
∙ 19y ago
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You have gone with a debt settlement service In NC what protection do you have against a judgment?
None. Only bankruptcy provides protection against lawsuits and judgments.
What is the liability for members of partnerships?
There are two basic kinds of partnerships - general and limited partnerships:In a general partnership, the partners not only contribute money or property to the partnership, but they also participate in running the partnership's business.They are all considered "general partners", and every one of them can be held personally liable for a judgment against the partnership. That is, their personal assets can be seized to satisfy such a judgment if the partnerships assets are insufficient. What is more, general partners are jointly and severally liable, which means that a plaintiff, if he wishes, can recover the entire amount of a judgment from any single partner or combination of partners. (The partners who have to pay can sue the other partners for reimbursement of their share of the judgment).In a limited partnership, not all of the partners are general partners (although there must be at least one general partner, who is personally liable for partnership obligations just as in a general partnership). The limited partners are truly "silent" partners; they contribute money or property to the limited partnership, but they have no say in the running of the partnership's business, and they are not personally liablefor partnership obligations (i.e., their personal assets are protected from being seized to satisfy a judgment against the partnership.) Their liability for any judgment against the partnership is limited to the amount of their contribution to the partnership. So, while a limited partner could lose the amount of his investment in the partnership, that is all he can lose.
Can a judgment be placed against you personally when when operating a business through a corportation?
Yes
What assets or money can be taken from us if a judgment has been made against us to collect unpaid rent for a business we had to close?
It depends on the details. If the business was incorporated and the judgment was against the corporation the creditor can only take business property and assets. If you owned the business as individuals then a judgment creditor can take any of your assets to satisfy the judgment: bank accounts, vehicles, boats, equipment, real property, etc.
How do you file a lien against a business in WA state?
You must sue the business and win a judgment.You must sue the business and win a judgment.You must sue the business and win a judgment.You must sue the business and win a judgment.
Judgment made against husbands business froze your joint bank account?
Yes, that's how it goes.
If you have a judgment against you and you die do the judgment disappear?
No, it is levied against your estate.
Is a judgment against the person or property?
The judgment is against the person, not the property.
What are consumers protection agency responsibilities?
To protect the public against unlawful and unethical business practices.
Is a judgment against everything that you own or are judgments against specific things?
A judgment is against specific things.
What does a judgment mean on an unsecured credit card?
It means the creditor has won a lawsuit, been awarded a writ of judgment and can execute the judgment against non-exempt assets and property as defined by state law that belongs to the judgment debtor. The preferred method of executing a judgment is by wage garnishment, followed by bank account levy, the seizure and liquidation of non-exempt property and liens against real property. The state exemptions allowed for personal and real property when properly used can give the defendant/debtor considerable protection against the enforcement of a creditor judgment.
What happens to judgment when the plaintiff goes out of business?
The judgment is still collectable, it does not simply go away. The creditor may assign the debt to a third party, who has full authority to collect it, however the creditor may notify you, the judgment debtor, ehere and when to send payments. its still a judgment against you, and will remain so until the creditor instructs the Clerk to cancel it, by stating you have paid, or rather "satisfied" the judgment against you.
