Is there any liability concern about listing your home residence as the business address?
Full Question:
My partner ans I want to form an LLC for our Internet Publishing Company. We need to register a physical address.
Is there any liability concern about listing your home residence as the business address?
Also, must we buy liability insurance for our business right away?
07/11/2007 |
Category: LLC |
State: West Virginia |
#7091
Answer:
The following is a WV statute:
§ 31B-5-504. Rights of creditor.
(a) On application by a judgment creditor of a member of a
limited liability company or of a member's transferee, a court
having jurisdiction may charge the distributional interest of
the judgment debtor to satisfy the judgment. The court may
appoint a receiver of the share of the distributions due or to
become due to the judgment debtor and make all other orders,
directions, accounts and inquiries the judgment debtor might
have made or which the circumstances may require to give effect
to the charging order.
(b) A charging order constitutes a lien on the judgment
debtor's distributional interest. The court may order a
foreclosure of a lien on a distributional interest subject to
the charging order at any time. A purchaser at the foreclosure
sale has the rights of a transferee.
(c) At any time before foreclosure, a distributional interest
in a limited liability company which is charged may be
redeemed:
(1) By the judgment debtor;
(2) With property other than the company's property, by one
or more of the other members; or
(3) With the company's property, but only if permitted by the
operating agreement.
(d) This chapter does not affect a member's right under
exemption laws with respect to the member's distributional
interest in a limited liability company.
(e) This section provides the exclusive remedy by which a
judgment creditor of a member or a transferee may satisfy a
judgment out of the judgment debtor's distributional interest
in a limited liability company.
(1996, c. 256.)
