Personal liability for LLC

[hsmcdonald]

I have a small business LLC in CA.

Its failing and I need to know what I might expect in personal liability. Im in a plan to recover, but my main concern is debts related to personal guaranties.

If the business were to shut down - is the limit of my personal liability the amount of any personal guaranties - or can creditors also come to me for pure business debt?

If something were to happen to me - is my spouse liable for any personal guarantees I may have signed? (Not planning on going anywhere - but my spouse is worried about carrying debt from my creation).

Thanks in advance

 

[tranquility]

CA is a community property state. Your spouse will be liable with all her community property for any debts you are liable for. You will be liable for any debt you give a personal guarantee for. You may be liable for pure business debts depending on the facts.