How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Richard Your Own Question
Richard
Richard, Attorney
Category: Legal
Satisfied Customers: 53961
Experience:  Attorney with 29 years of experience.
17027240
Type Your Legal Question Here...
Richard is online now
A new question is answered every 9 seconds

My name is ***** ***** operating agreement of an LLC in Ohio. I am

Customer Question

My name is ***** ***** operating agreement of an LLC in Ohio. I am an Indian national and do not have a Tax Identification number or SSN in USA. I have never filed income tax or any other tax. In my life I have visited USA only twice; once in July 14 and once in Aug 15.
The other partner of the company (who is the manager as well) has taken loans and signed contracts. The company now has a debt of 300000. He wants to leverage the op agreement and name me for any defaults. I can send the operating agreement if needed.
Also, this same partner in a 50% owner in the Indian company but I am the director (equivalent to manager) here. He does not have any directorship.
Am I liable?
Submitted: 7 months ago.
Category: Legal
Expert:  Richard replied 7 months ago.
Good morning. My name is ***** ***** I look forward to helping you. An LLC is a limited liability. A member of an LLC has no personal liability for the debts and liabilities of the LLC. So, unless you sign an agreement with the lender specifically agreeing to be liable for this debt, you will have no personal liability for this $300,000 in loans and your assets will not be at risk. The following section of the Ohio statute provides as follows: "1705.48 Personal liability.Except as otherwise provided by this chapter or any other provision of the Revised Code, ......, all of the following apply:(A) The debts, obligations, and liabilities of a limited liability company, whether arising in contract, tort, or otherwise, are solely the debts, obligations, and liabilities of the limited liability company.(B) Neither the members of the limited liability company nor any managers of the limited liability company are personally liable to satisfy any judgment, decree, or order of a court for, or are personally liable to satisfy in any other manner, a debt, obligation, or liability of the company solely by reason of being a member or manager of the limited liability company." Thank you so much for allowing me to help you with your questions. I have done my best to provide information which fully addresses your question. If you have any follow up questions, please ask! If I have fully answered your question(s) to your satisfaction, I would appreciate you rating my service as OK, Good or Excellent (hopefully Good or Excellent). Otherwise, I receive no credit for assisting you today. I thank you in advance for taking the time to provide me a positive rating!