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Only if the member signed onto the debt personally.
Wiki User
∙ 11y ago
In Colorado, an LLC member's liability for the LLC's debts is generally limited to the amount of their investment in the LLC, unless they personally guarantee the debt or engage in wrongful or fraudulent acts. Members are not usually personally liable for the LLC's debts in Colorado.
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What does LLC after a law firm name?
LLC stands for Limited Liability Company. When a law firm has LLC in its name, it indicates that the firm is structured as a limited liability company, which offers its owners limited liability protection. This means that the owners are not personally liable for the debts and obligations of the firm.
Should a comma be used after LLC?
Yes, a comma should be used after "LLC" when it is used in the middle of a sentence. For example: "XYZ Corporation, LLC, is headquartered in New York."
Where would I get reliable information about the formation of an llc in Florida?
You can get reliable information about forming an LLC in Florida by visiting the official website of the Florida Division of Corporations. They provide detailed guidelines, resources, and forms needed to start an LLC in the state. Additionally, consulting with a business attorney or a professional business formation service can also provide valuable insights and guidance.
What is omnipoint Miami E License LLC?
Omnipoint Miami E License LLC is a company that holds wireless spectrum licenses in the United States. They are a subsidiary of T-Mobile US, Inc. and may be involved in providing wireless communication services.
What can be done about the Law office of Tracy Paul?
If you have concerns about the Law Office of Tracy Paul, you can consider reaching out to your state's bar association to file a complaint or seek guidance. Additionally, you may want to consult with a legal professional about any specific legal actions you are considering taking against the firm.
Can a non wage garnishment be placed on a llc?
Yes it can. If the creditor files a wage garnishment to a protected LLC and that LLC fails to respond or respond properly, a court can and will hold the LLC jointly and severally liable for the entire debt owed to the creditor.
Does past personal bankruptcy effect new llc and members and are they liable for any past debt?
Yes i dont know why
Can a LLC invest in its parent LLC?
Yes, a LLC, that is, a LLC that is member of a LLC, could theoretically make a distribution to its parent LLC. Although, where member(s) of the LLC that is a member of the "parent" LLC are also member(s) of the parent LLC violate certain imputed fiduciary duties, the potential arises for unlawful self-dealing to occur.
Is a member of an LLC obligated to contribute more money to or to agree to secure more debt on behalf of the LLC to the LLC?
Typically not and the default rule is no. There are some exceptions. First, the operating agreement that governs the LLC could have a provision explicitly requiring the members to do so. Such a provision would have the force of contract and the member would be obligated to do so. Second, previous distributions made to members can, in some circumstances, be "clawed back" by creditors - typically when there has been a distribution made without regard to existing debt.
Who is responsible for the debts in a limited liability company?
The general answer is "NO" since the whole reason that states enacted limited liability company statutes was to limit the liability of the owners of the LLC to the amount of their investment. However, a member of an LLC can be personally liable for debts of the LLC in certain specific cases. Some examples include: * a member is liable if he guaranteed the debt * a member can be liable if the debt was obtained through fraud * a member can be liable for the LLC's failure to pay over payroll taxes to the IRS * a member can be liable if he took money out of the LLC at a time when it was insolvent * a member can be liable under a "piercing the corporate veil" theory
Where is the Haunted Mines Llc in Colorado Spgs Colorado located?
The address of the Haunted Mines Llc is: 1510 Northfield Rd, Colorado Spgs, CO 80919-3221
Can a member of LLC be a minor?
no
Can a minor be a member of a LLC?
no
Where can one find information regarding a single member llc?
A single-member LLC is a liability company with only one member. One can find information on a single-member LLC including tax information and forms at the IRS official website.
Who signs w-9 when it is an llc?
The Business Owner if single-member llc, Accountant.
Can a family trust be a member of an llc?
yes
How do you form a LLC in Colorado?
There are a few simple steps to forming a LLC in Colorado. First off you'd need to choose a name for your LLC, then you'd need to file articles of organization, after that you'd need to appoint a registered agent, and 4 other steps.
