Corporate Law Is LLC a personal asset

[The_Governor]

A couple years ago we set up an LLC and began working within it. The LLC's assets have grown because we spend less than it brings in. Today we have about 1/2 of our net worth in personal accounts, and 1/2 inside the LLC.

Are our personal assets are protected if someone sues the LLC?

If we are sued personally, can someone take our LLC's bank account?


Thank you!

 

[freebird]

The LLC is like a separate entity. If it gets sued then your personal assets are protected (although the half in the LLC is the property of the LLC.) At the same time, if you are sued personally, your equity in the LLC can be seized.

Originally posted by The Governor
A couple years ago we set up an LLC and began working within it. The LLC's assets have grown because we spend less than it brings in. Today we have about 1/2 of our net worth in personal accounts, and 1/2 inside the LLC.

Are our personal assets are protected if someone sues the LLC?

If we are sued personally, can someone take our LLC's bank account?