== == The answer to your question depends upon the law in your state. If an individual files for bankruptcy most assets of the individual may be sold or otherwise disposed of in a Chapter 7 bankruptcy in to partially satisfy the debts of the individual. While an interest in an LLC is an asset of the individual, many states have statutes within their LLC Act which provide that an LLC interest may not be taken outright by a creditor, but rather a charging order will be issued. Typically this means that the individual who is the holder of the LLC interest will continue to be a member of the LLC and will continue to vote the LLC interest; however, any distributions which are made by the LLC to the individual would be paid to the creditor or creditors rather than to the individual due to the charging order.
If YOU file than yes...and your interest/ownership of the stock in the LLC is an asset that may be used to pay your personal debts/liabilities. If the LLC files, than your personal assets aren't involved...of course your investment in the LLc will likely become worthless....and there will be an e review to make sure that self serving transactions weren't done. Finally, normally, until a business (the LLC) is well established, any loans/leases, etc someone makes to it tey require you to sign for personally too....so you would be personally liable for them anyway.
LLC is Limited Liability Company. It's allowed by state statute. But the IRS doesn't recognize LLC as a classification for federal tax purposes. Under IRS Default Rules, a Limited Liability Company with at least two members is considered as a partnership. Form 8832 is Entity Classification Election. An LLC with two or more members would only have to file Form 8832 if the LLC didn't want to file as a partnership. As a partnership, the LLC would file Form 1065 (U.S. Return of Partnership Income). For more information, go to www.irs.gov/formspubs for Publication 541 (Partnerships) and Publication 3402 (Tax Issues for Limited Liability Companies).
It depends. Unless the owners of the LLC elect to have it treated as a corporation, then an LLC which has at least two members is treated as a partnership and files a partnership tax return, Form 1065. If there is only one member of the LLC, then the IRS disregards the LLC as a separate tax reporting entity entirely. If the single member is an individual, then the member reports the LLC's income and deductions on the individual's person 1040, usually on Schedule C (for a business) or Schedule E (for real estate). If the single member of the LLC is a corporation, partnership or trust, it likewise files the information on its entity tax return (1120, 1120 S, 1065, 1041, etc...) If the members of the LLC file an election, the LLC may be treated as a corporation or an S corp. In that case, the LLC would file an appropriate return (Form 1120 or 1120 S).
LLC (Limited Liability Company) is a type of business that's allowed by state statute. But LLC isn't recognized as a classification for federal tax purposes. This means that an LLC must file a tax return as a corporation, partnership, or sole proprietorship. An LLC with at least two members can choose to be classified as a corporation or as a partnership. If you choose corporation status, you must file Form 8832 (Entity Classification Election). You don't need to file Form 8832 if you're an LLC filing as a partnership. Corporations file Form 1120 (U.S. Corporation Income Tax Return). Partnerships file Form 1065 (U.S. Return of Partnership Income). Each partner's share of income, expenses, etc., is then entered on Schedule C (Profit or Loss from Businss). For more information, go to the IRS Small Business screen at www.irs.gov/business/small. Select from the left column A-Z Index for Business to view/print the article, Limited Liability Company (LLC).
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