LLC partnership

[brianjohnson]

What is the name of your state? Pa .
I have a partnership with a friend we have a home building business. We have a LLC. I am coming out of an ugly divorce and alot of things went bad. Including a business I bought for my ex run into the ground. My fear if I get sued from vendors we owe money too from the business I bought my ex can they freeze my current business account with my business partner? Do I need to dissolve the partnership before money is frozen? I dont want clients money or my partners held because of faults from my past. Thanks for any advice.

 

[divgradcurl]

My fear if I get sued from vendors we owe money too from the business I bought my ex can they freeze my current business account with my business partner?

Not if the LLC was properly formed and properly run.

It's possible that the creditors could get a lien on your ownership interest in the LLC, but they won't be able to get that the LLC assets themselves, subject to the above caveat. Now, if the bank accounts are in your personal names, that's a different issue -- but if the bank accounts are in the LLC's name, and the LLC was properly formed and properly managed, then the assets themselves should be safe from direct attachment.

Do I need to dissolve the partnership before money is frozen? I dont want clients money or my partners held because of faults from my past.

Too late now even if the LLC won't protect you.