One of the benefits of starting a corporation or LLC is that the business entity protects the owner(s) from any personal liability. If the business fails, if it faces a major lawsuit or if it accrues substantial debt, the company and not the person who runs the business will be financially responsible. While this system protects people from major losses...
Month: July 2021
How can I recover debt from assets held in an LLC?
If a Limited Liability Company (LLC) owes your client money, it will be hard to seek payment from the owner’s personal assets. Yet, it can also work the other way around. If someone has personal debt, they may still have assets in their LLC, which they think you cannot touch. They are, in part, correct, but not entirely. What is a charging order? Let’s say...