hi I have a LLC comapanie with my dad,my question is in case we get a lawsuit, can the go after the money we already made??or they acn only ...

Question

hi I have a LLC comapanie with my dad,

my question is in case we get a lawsuit, can the go after the money we already made??

or they acn only go after assets like trucks, equitment ect??

Answer

As a Franchise Attorney I can say the following. If the LLC is sued, which hopefully won't happen, all assets of the LLC are liable. These would include cash or cash equivalents that are held by the LLC in addition to physical assets, like equipment, trucks, etc. But to proceed against any assets, the Plaintiff first needs to prove and win their case. Once a judgment is obtained, they can proceed against LLC assets. Even this can be a cumbersome and complicated process. Consult with a good business or franchise attorney in your area for specific advice.

Mr. Franchise - Kevin B. Murphy, B.S., M.B.A., J.D.

Franchise Foundations, a Professional Corporation