Posted on 9/10/2018 11:28 AM By Amanda Narvaes
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 ...