Member's Liability After an LLC Defaults on a Loan

[dbp81]

I am on of 5 members of an LLC, we took a loan from the owner who sold us the property. However, the loan was not taken under the name of LLC but by one of the members in the LLC and he personally guaranteed it. The loan went in to default and I would like to know what the liability is of the other members of the LLC?

[SChinFChin]

I am on of 5 members of an LLC, we took a loan from the owner who sold us the property. However, the loan was not taken under the name of LLC but by one of the members in the LLC and he personally guaranteed it. The loan went in to default and I would like to know what the liability is of the other members of the LLC?

Was there an "Operating Agreement" written, and agreed to?? And what agreements if any was made going in, written or oral??

Would be interesting and strange if it's "none" to any of the above.

Did you all agree to share equally in profits and losses, in effect operating as a partnership, in which case you would been filing the 1065 partnership returns?? Were all the losses prorated in accordance with your share?? I assume the member signing the loan is the "managing partner". Are any of you designated as limited partners??

And what state is it??