BigJT Posted March 21, 2011 Report Share Posted March 21, 2011 (edited) I am a small business owner. My company is a Florida single-member LLC, and I am the only signatory on the company's bank account.I also have some personal credit card debt. It was incurred before I started the company, and has no connection to the business whatsoever.My question is this: if I am sued and lose, is there any way the creditor could garnish the company's bank account? Edited March 21, 2011 by BigJT The error is gone Link to comment Share on other sites More sharing options...
1stStep Posted March 22, 2011 Report Share Posted March 22, 2011 No the bank account cannot be garnished... unless a charging order is applied for and granted by the court... something that most JDBs will not bother with. Link to comment Share on other sites More sharing options...
cjb3 Posted March 22, 2011 Report Share Posted March 22, 2011 i believe your LLC account can not be touched AS LONG AS THE ACCOUNT WAS ESTABLISHED WITH THE LLC EIN NUMBER and not your social. Link to comment Share on other sites More sharing options...
cjb3 Posted March 22, 2011 Report Share Posted March 22, 2011 No the bank account cannot be garnished... unless a charging order is applied for and granted by the court... something that most JDBs will not bother with.im not sure what this is, but be sure your member meeting minutes, even if only once a year, are current.this is key to them being unable to "pierce the veil" and go after your LLC money. Link to comment Share on other sites More sharing options...
antiquedave Posted March 22, 2011 Report Share Posted March 22, 2011 It isn't my issue but I recall reading some info on LLC's that talked about it and that if you transfer assetts in after you are sued it could be a fraudulent transfer and could be sought but that pre-existing assets in the LLC were viewed differently Link to comment Share on other sites More sharing options...
BigJT Posted March 22, 2011 Author Report Share Posted March 22, 2011 Thanks for the responses.The bank account was established with the LLC's EIN, but the bank has to get the SSN for every signatory by law. Still, it's the company's account, not mine.I also didn't transfer assets into the LLC, but I know what you're talking about. Link to comment Share on other sites More sharing options...
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