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Source Piercing the Corporate Veil Piercing the Corporate Veil Showing the closest available flashcard practice.

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0 tracked cards Business Associations

An LLC defaults on an ordinary supplier invoice. The supplier sues a member personally solely because the person owns a membership interest.
Which statement is most accurate?

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A member is personally liable for LLC debts because LLCs do not have liability shields. Every member is personally liable for all LLC debts. A member is personally liable for LLC debts whenever the LLC has fewer than ten employees. A member is generally not personally liable for an LLC debt solely because the person is a member.

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