I am a partner in an LLC. Am I responsible for the bills if the business goes under?

Answer 1

Generally, no (that's what "limited liability" means). However, the creditors may try to convince a federal judge that you used the LLC as a personal piggy bank and thus failed to segregate the affairs of the LLC from your personal affairs, so your personal assets are fair game. This is rare, but it does happen every now and then (usually, it is referred to as "puncturing the corporate veil").

Answer 2

Everybody is right in the answers. Yes, No, Yes, No.

It depends. Say you were writing bad checks on a company account that you knew had no money to clear. Well its not only something that can put you in jail, you might be found personally liable.

Your LLC papers will probably say something like this *before the company begins we have to raise 500 dollars and we are not responsible for the companies actions*.

Actually that protects you mostly from your partners. Creditors dont really give a **** about what that says. They will just sue you and its pretty easy to break the corporate *so called* veil.

Unless your company hired 1,000 dollar an hour attornies and you did everything perfectly, didnt do one thing wrong ever in the company structure, nothing wrong with any finances......... You are safe.

Remember creditors could break the corporate structure of Enron and other fortune 500 companies. If they want too, im sure they can break your veil. Just dont do anything wrongs. But expect to pay either way.

I guess the point is, what the hell did your company do wrong that you are worried about? Was it normal business practice or something shady? That will tell you either way if they can puncture the corporate veil.

Answer 3

I believe you are a member of the LLC and yes you may well be responsible.

Answer 4

yes
how many partners, divide the debt owed by the number
of partners and that is what you are responsible for.