Liability of being a Class B Member?

[rogerwilcom]

I know that probably none of you are attorneys, however, I thought that perhaps someone may know of the answer.

If you are a class B member of a firm (LLC), are you accepting any liability?

Let's say, one of the firm's investors decides to sue the firm, can that investor or the firm itself sue you? (assuming you have done nothing illegal). I realize that anyone can sue anyone for anything. However, I'm just wondering about the general liability of a Class B Member setup.

I'm trying to find information about this through various searches, but have been unsuccessful.

Thanks.

 

[1245]

Quote from rogerwilcom:

I know that probably none of you are attorneys, however, I thought that perhaps someone may know of the answer.

If you are a class B member of a firm (LLC), are you accepting any liability?

Let's say, one of the firm's investors decides to sue the firm, can that investor or the firm itself sue you? (assuming you have done nothing illegal). I realize that anyone can sue anyone for anything. However, I'm just wondering about the general liability of a Class B Member setup.

I'm trying to find information about this through various searches, but have been unsuccessful.

Thanks.

Even thought you're financially limited to your investment, you can always be sued. You would likely have to go to arbitration to protect yourself and need an attorney. I just don't see that happening unless you were involved or have a big chunk of the capital in the firm.