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Posts Tagged ' business partner'

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How Charging Orders Might Protect You From Your Co-Owner’s Personal Debts

Asset protection can be a major challenge when personal and business worlds collide. What if, for instance, your business partner is found liable to pay a judgment arising from personal debt? If your business entity is an LLC, it will be protected by legislatively prescribed limits to a creditor’s ability to collect from the member. The Michigan Limited Liability Company Act (MLLCA) states that a charging order is the “exclusive remedy” by which a judgment creditor of an LLC m ...

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