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Assuming debt of an LLC

Asked by: todd - 27 March, 2011
https://d25eic0jctudgb.cloudfront.net/images/site/avatars/default.png-f1597c1da25f30f8c1a941405e8391c8 if i invest 20% into a business that is an llc for stock, do assume 20% of the debt if it fails
Answered by: Lloyd Johnson - 27 March, 2011
https://d25eic0jctudgb.cloudfront.net/images/site/avatars/36.jpg-879792e1197755ef7c796380de659758 Dear Todd,

Although LLC's do not have stock per se, if you are the 20% owner you usually assume proportionate liability for the company's debts. As always, there are plenty of exceptions to that general rule, and you should consult a business lawyer about those.

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