Sentences with phrase «go after your personal assets»

The context is that a lawyer is after your LLC, and he's arguing that the LLC is not genuine, so he can go after your personal assets - your house, car, IRAs, tap your wife's salary etc..

However, if someone can show that there's no real separation between your LLC's activities and your personal activities, then they can «pierce the corporate veil» and go after your personal assets.

In addition, the lenders can go after your personal assets to get repaid.

A court is more likely to pierce the corporate veil and allow an aggrieved party to go after the personal assets of an owner if the legal entity is not being properly maintained, such as having annual shareholders and board of directors meetings.

But that would not stop the other driver's attorney from coming after you for the money - even if it means going after your personal assets.

First off, the LLC only protects them from going after your personal assets for something that happens with the LLC.

Not exact matches

If the company is sued, creditors can go after not only the business assets, but also the owner's personal assets.

If your LLC goes broke, creditors can't come after your personal assets to settle the debt.

They do not allow the lender the additional remedy of going after the borrower's personal assets if the sale of the home does not satisfy the mortgage.

That means the issuer might go after your personal income or assets to collect if you become seriously delinquent.

Use an LLC or corporation to more fully separate the work you do from your personal finances (so they can go after company assets, but not personal, at least not as easily), engage an insurance firm for Errors and Omissions insurance (I pay about $ 500 / year for this), and write the contracts so that your liability is limited.

Legal professionals and creditors can go after a business professional's personal assets in a scenario called «piercing the corporate veil.»

Reviewing your mortgage and account beneficiaries is an important step after the divorce, making sure that your personal assets are going to the right people rather than your ex-partner.

Fortunately for California homeowners, our state has enacted anti-deficiency legislation that prevents lenders from holding a homeowner personally liable and going after his or her personal or other assets if the proceeds from a foreclosure or short sale are not enough to cover the amount of the home loan.