If my wife is the sole owner of an LLC and I’m not an officer, could the assets of the LLC also be attacked if I should get sued for a personal injury, etc?
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If my wife is the sole owner of an LLC and I’m not an officer, could the assets of the LLC also be attacked if I should get sued for a personal injury, etc?
For example, a drunk driving accident?I am trying to determine the extent the LLC is protected from family member actions.
Asked on August 23, 2012 under Business Law, Colorado
Answers:
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 11 years ago | Contributor
It depends on whether your wife owned the LLC pre-marriage, or bought it/set it up with money which was demonstrably her personal funds (e.g. with property she had pre-marriage; with an inheritance), or conversely, acquired/set-up/etc. the LLC after marriage, using some or all marital assets (or indeed, money from you). In the former case, the LLC should be relatively protected from family member liability; but if not created or acquired solely with her assets, then it would, at least in part, be subject to your liability, just as any other joint or marital asset would be at least partially subject to your liability.
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