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2726 S. Brentwood Blvd. St. Louis MO 63144

Can you Lose your LLC if you are Sued?

An LLC is a legal structure for a business that is short for Limited Liability Company. Most of the time, an LLC represents the fact that your personal debts are not tied up in the company. In addition, all of your personal assets are separate from the company. This means that if you are sued for a personal debt or in a dispute that is not business-related, you probably won't lose your LLC.

For example, if your dog attacks a child on your street, and the family sues you for liability. While you are going to want to hire a personal injury defense attorney to help you with the case, chances are that you won't need assistance with the business side. LLCs owners also have protection from creditors on the opposite side of the litigation.

If the LLC fails to pay its bills, the creditors cannot go after the CEO's personal assets. Business owners can violate the LLC operating agreements if they use the LLC as an extension of their personal affairs. In this situation, employees may want to get a lawyer involved as the business owner is not within his or her legal rights if he or she is using LLC funds and assets for personal gain.

If the business owner constantly violates the LLC agreements, a judge may even decide that the LLC was never legitimate, This could make the LLC's assets vulnerable in a personal lawsuit against he owner. Also, even in an LLC, if the owner of the company pledges the assets as collateral in a loan, this could lead to a lawsuit in the future of foreclosure of the office building in the future. If you want more information about LLC's and personal finance, then you need a professional Missouri employment lawyer from the Law Offices of Kevin J. Dolley on your side. Hire an attorney form the firm right away to discuss your options!

Categories: Class Action

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The Law Offices of Kevin J. Dolley represents clients in labor law, employment law and employment discrimination matters throughout the State of Missouri, including St. Louis, St. Louis County, St. Charles County, Boone County, Jefferson County, Lincoln County, Jackson County, Phelps County, Franklin County, Ste. Genevieve, St. Clair and the Cities of St. Louis, Kansas City, St. Charles, O'Fallon, Lake St. Louis, Hillsboro, Troy, Clayton, Rolla, Columbia, Jefferson City, Kirksville, Farmington, Cuba, Augusta, Union, Maryland Heights, Cape Girardeau and Springfield.

Law Offices of Kevin J. Dolley, LLC - Missouri Employment Lawyer
Located at 2726 South Brentwood Blvd. St. Louis, MO 63144. View Map
Phone: (314) 684-8180 | Local Phone: (314) 645-4100.