We currently have a LLC for a real estate business. 3 members (siblings). My question is if one of the members is convicted...
Full Question:
We currently have a LLC for a real estate business. 3 members (siblings). My question is if one of the members is convicted of a crime, can the LLC be vulnerable?
08/24/2007 |
Category: LLC |
State: New York |
#8189
Answer:
The answer depends on the nature of the crime. A limited liability company is generally liable for loss or injury caused to a person, or for a penalty incurred, as a result of a wrongful act or omission, or other actionable conduct, of a member or manager acting in the ordinary course of the business of the limited liability company or with authority of the limited liability company.
