In an LLC, the starting rule limits a partner’s liability to their capital contribution. Do not confuse this with a general partnership, where the applicable rules can expose a partner’s personal assets.
Being a partner differs from being a manager or guarantor. Managers may incur liability for fraud, violations or gross error; assess the separate obligation before agreeing to any personal guarantee.
A valid licence does not establish the company’s debt position. Request its constitutional documents, partner register, accounts, loans, guarantees and disclosed disputes, and document the seller’s representations in the transaction agreement.
A practical next step
Before paying to join, obtain the company records and share-transfer documents, and clarify your role, contribution and any personal commitments.