How much would it cost (roughly) to defend the corporate veil in this situation? (IL)

[maxplanck]

Illinois


Consider a single owner, small income (under $40,000/year income), LLC that has followed all necessary corporate formalities in order to avoid the possibility, as defined by the relevant case law, that it could be judged as being an alter ego of the owner.

Let's assume that a plaintiff has won monetary damages against this LLC.

Let's assume that the owner of the LLC also owns assets unconnected to the LLC worth, say, a few hundred thousand dollars.

How much would you expect it to cost in legal fees to defend against all attempts made by the plaintiff to pierce the LLC's corporate veil?

I understand that the amount of legal fees will vary depending on how much effort the other side invests in piercing the veil, but this amount of effort will likely be defined mainly by:

-the amount of personal assets that the LLC owner holds, and

-the fact that the LLC has followed all necessary corporate formalities in order to maintain legal seperation between the LLC and the owner.

I'm trying to figure out a price range of what it could cost.

Thanks, any insight would be much appreciated!

 

[Silverplum]

We don't do homework, and the FA Crystal Ball is still in the shop.

Call around to local attornies. See if you can find out.

Illinois
Consider a single owner, small income (under $40,000/year income), LLC that has followed all necessary corporate formalities in order to avoid the possibility, as defined by the relevant case law, that it could be judged as being an alter ego of the owner.

Let's assume that a plaintiff has won monetary damages against this LLC.

Let's assume that the owner of the LLC also owns assets unconnected to the LLC worth, say, a few hundred thousand dollars.

How much would you expect it to cost in legal fees to defend against all attempts made by the plaintiff to pierce the LLC's corporate veil?

I understand that the amount of legal fees will vary depending on how much effort the other side invests in piercing the veil, but this amount of effort will likely be defined mainly by:

-the amount of personal assets that the LLC owner holds, and

-the fact that the LLC has followed all necessary corporate formalities in order to maintain legal seperation between the LLC and the owner.

I'm trying to figure out a price range of what it could cost.

Thanks, any insight would be much appreciated!

 

[maxplanck]

just wondering if someone knew off the top of their head.. or had any other thoughts that may be relevant and useful regarding this type of stuff

 

[Zigner]

just wondering if someone knew off the top of their head.. or had any other thoughts that may be relevant and useful regarding this type of stuff

Seems to me, off the top of my head, that it could cost from $0.01 to $2,398,332,113.92 (give or take a few dollars)

 

[Silverplum]

Seems to me, off the top of my head, that it could cost from $0.01 to $2,398,332,113.92 (give or take a few dollars)

Your estimating skills are mad awesome!!