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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 extended them a loan sues for repayment. The bank may:A.sue Carlos for only 25% their loss under rules pertaining to LLCs.
B.sue Carlos for the entire amount because Carlos is jointly and severally liable for the loss.
C.sue Carlos only if he is a managing member.
D.sue the LLC but may not sue Carlos.
Answer
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Related questions
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C.Mobil could not claim an anticipatory repudiation because even though as new law had been passed, they had not yet filed their oil excavation plan so they could not know whether they were facing a problem.
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