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Asset Protection in an LLC
I have an LLC formed for asset protection. I am leveraging my business off of private loans from a third party. I have made a commitment to these private lenders that if the business defaults on a property, or does not produce significant cash flow, their loans will still be repaid but out of the owners personal income.
I have made sure to only borrow a limited amount from private lenders so that I am able to keep this commitment. My concern is that this agreement will expose my personal assets to other types of lending.
For example if I had a property that was partially financed by a bank or owner, and partially financed by private lenders, and for some reason I default on the property. I know I am still obligated to pay my private money lenders back as in the agreement, but does this expose my personal assets to the bank or owner who financed the property? My guess is it does not, because the same commitment will not be made to such financing.