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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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What is your liability if you own a percentage of a bar in

Resolved Question:

What is your liability if you own a percentage of a bar in Colorado? And does it matter on what percentage you own?
Submitted: 1 year ago.
Category: Business Law
Expert:  MShore Law replied 1 year ago.
Thank you for the post, I am happy to assist you by answering your questions. Do you mean liability should the bar be sued?
Customer: replied 1 year ago.

Yes, and if a server serves an under age drinker

Expert:  MShore Law replied 1 year ago.
Thank you Tina, is the bar being sued as a civil matter? If yes, by whom?
Customer: replied 1 year ago.

hello?


 

Customer: replied 1 year ago.
Relist: Other.
haven't heard back in over 2 hours
Expert:  MShore Law replied 1 year ago.
Tina, we may be experiencing a technical glitch, but I responded to you at 9:35am and asked: "Thank you Tina, is the bar being sued as a civil matter? If yes, by whom?" The next response I received from you was 1 hour and 56 minutes later and was: "hello?" followed 16 minutes later by "haven't heard back in over 2 hours" Did you not receive my prior question? For your reference, here is a link to a record of our correspondence: http://www.justanswer.com/business-law/7lw1j-liability-own-percentage-bar.html
Customer: replied 1 year ago.

Sorry, I had sent 2 messages back to you also:( No there is no law suit. I have 2 friends who are looking into investing in a bar and they want to know what their liability could be. They are looking to invest between 10-21%. (Not sure if the percentages might make a difference) Hopefully this one goes through!

Expert:  MShore Law replied 1 year ago.
Thank you, XXXXX XXXXX would be established by the operating agreement (if an LLC) or bylaws (if a corporation). If the governing documents are silent as to fractional shares of liability, then liability would be shared equally among the owners, regardless of ownership percentage. Bear in mind though that the members/shareholders would not generally be personally, their liability would be limited by their interest in the entity. For example if there are three members of an LLC, two hae $40,000 in equity and one has $20,000 in equity, and the LLC is sued for $50,000, the LLC would pay the $50,000 leaving each member's equity in the LLC reduced by half. Please let me know if this does not answer your questions or if you have any follow up questions. If this does answer your questions, please positively rate my answers.
Customer: replied 1 year ago.

So the liability could be defined in the bylaws when they set up the corporation?

Expert:  MShore Law replied 1 year ago.
Yes, the members could agree to allocate liability as they see fit.
MShore Law, Attorney
Category: Business Law
Satisfied Customers: 25285
Experience: Drafted Negotiated and/or Reviewed Thousands of Commercial Agreements
MShore Law and 4 other Business Law Specialists are ready to help you

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