Should I join an LLC?

[LLCPSR123]

What are the pros and cons of joining an LLC,
Or risks?

I have a friend that wants to start a record company and has asked me to join it.

He is not asking for any monitory support; just that I help work to get the project going and get the record recorded.

Would I be responsible for any debt? or anything else?

Could I be sued or held responsible for anything?

Are there any other recommendations that you would suggest I do before agreeing to this?

Any input or advice would be welcome.

 

[army judge]

What are the pros and cons of joining an LLC,
Or risks?

I have a friend that wants to start a record company and has asked me to join it.

He is not asking for any monitory support; just that I help work to get the project going and get the record recorded.

Would I be responsible for any debt? or anything else?

Could I be sued or held responsible for anything?

Are there any other recommendations that you would suggest I do before agreeing to this?

Any input or advice would be welcome.

You would be wise to say, no thanks.
You don't know enough about his finances to say yes.
If you want to help him produce a record, keep it friendly and informal.
Don't give him money, well, give him money and expect to get it back.
That said, if you simply must formalize the arrangement, retain your own attorney to advise you accordingly.

 

[abc123thatsme]

Correct--it's a ridiculous proposition. Or you've misunderstood it. You don't "join" an LLC without a position. He wants you to be agent for service of process? A co-managing member or just a member? A member always has an equity position as far as I know. Your liability as a non-managing member should be very low, but would need to know details.