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MShore Law
MShore Law, Attorney
Category: Business Law
Satisfied Customers: 25285
Experience:  Drafted Negotiated and/or Reviewed Thousands of Commercial Agreements
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My husband and I have an architecture firm in CA set up as

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My husband and I have an architecture firm in CA set up as an LLP. We now live in AZ and are planning to dissolve the firm (and may have to possibly file bankruptcy against the firm) as soon as our last project is completed later this month. We are carrying liability insurance that we cannot afford to continue. I am just wondering how this will affect us if there is a lawsuit filed and we are named on this last project. If a lawsuit were filed and we no longer have insurance, could they go after us personally or just go after the business? How would this affect my husband's architecture license in AZ? How would this affect his license in CA? Thank you.
Submitted: 6 years ago.
Category: Business Law
Expert:  MShore Law replied 6 years ago.

DCrane Law :

Thank you for the post, if there is a lawsuit filed and the LLP does not have insurance, because it is a separate entity (LLP) you are not personally liable, they can only go after the LLP's assets. However, professional licenses could be suspended as a result.

Customer: replied 6 years ago.
The LLP was set up in CA, so my main question is whether they can suspend ALL professional licenses or just the professional license in the state that the business was set up in? Also, just to clarify - do you mean his personal architectural license or the business license?
Expert:  MShore Law replied 6 years ago.
Hello, they can suspend his professional license in any state wherein he is licensed.
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