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 Roger Your Own Question
Roger, Attorney
Category: Business Law
Satisfied Customers: 31770
Experience:  BV Rated by Martindale-Hubbell; SuperLawyer rating by Thompson-Reuters
Type Your Business Law Question Here...
Roger is online now
A new question is answered every 9 seconds

I am an officer in an LLC that has gone under. To dissolve

Customer Question

I am an officer in an LLC that has gone under. To dissolve the LLC I was told I have to settle all debts. There is a 70,000 credit line that I can no longer keep up on....the business is under water. What do I do?
Submitted: 6 years ago.
Category: Business Law
Expert:  Roger replied 6 years ago.
Do you have a personal guarantee on the line of credit?
Customer: replied 6 years ago.
yes I do
Expert:  Roger replied 6 years ago.

Ok. The articles of dissolution must contain a provision that outlines your arrangements to pay off or settle all debts. Because you've got a personal guarantee on the debt, you can provide that the debt can be settled through the personal guarantee if the LLC has no assets or money to pay; this will allow the LLC to proceed with dissolution.


Because the creditor can sue a member on the personal guarantee the creditor can continue to collect on its debt.