Question
Carlos is a member of an LLC along with three others. After one year, despite their best efforts, the business closes and the bank which
Carlos is a member of an LLC along with three others. After one year, despite their best efforts, the business closes and the bank which extended them a loan sues for repayment. The bank may:
1. sue the LLC but may not sue Carlos. sue Carlos only if he is a managing member.
2. sue Carlos for the entire amount because Carlos is jointly and severally liable for the loss.
| 3. sue the LLC but may not sue Carlos |
4. sue Carlos for only 25% their loss under rules pertaining to LLCs.
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The Complete Guide To Operational Auditing
Authors: Harry R. Reider
1st Edition
0471594199, 978-0471594192
