A LLC is considered one of your assets. The LLC protects you from liabilities it assumes, but it doesn't protect the LLC from your liabilities. Therefore, if you declare bankruptcy, you could possibly lose your share of an LLC. At best, it would be difficult for you to get credit for the LLC, since the individual generally has to secure credit for the LLC.
Yes, nothing in the bankruptcy law prevents you from opening an LLC.
A personal judgment can impact the operations and assets of an LLC by potentially leading to the seizure of the LLC's assets to satisfy the judgment. This can disrupt the business operations, affect financial stability, and even result in the dissolution of the LLC.
If your business is tied to your personal credit, then yes, you run the risk of being personally affected by the business's bankruptcy.
: זווית של המוות , that's just the spelling though. Sorry! :(( Only for a PC or LLC
Personal debt can be transferred to an LLC by having the LLC assume the debt through a formal agreement or by using the LLC's assets to pay off the personal debt.
Does corporate bankruptcy affect personal credit?
Yes i dont know why
Yes, nothing in the bankruptcy law prevents you from opening an LLC.
Not at all.
A personal judgment can impact the operations and assets of an LLC by potentially leading to the seizure of the LLC's assets to satisfy the judgment. This can disrupt the business operations, affect financial stability, and even result in the dissolution of the LLC.
If your business is tied to your personal credit, then yes, you run the risk of being personally affected by the business's bankruptcy.
: זווית של המוות , that's just the spelling though. Sorry! :(( Only for a PC or LLC
Can a LLc protect personal dept?we have (3) propertys in a LLC can that be protected?
Personal debt can be transferred to an LLC by having the LLC assume the debt through a formal agreement or by using the LLC's assets to pay off the personal debt.
Forming an LLC typically does not directly impact an individual's personal credit score. However, if the individual personally guarantees any business debts or uses personal credit to fund the LLC, it could affect their credit score if the business fails to repay the debts.
You should definitely discuss bankruptcy with an experienced attorney. It will affect your partner only if you have joint debts that wll have to be listed in the bankruptcy. S/he will have to pay the debt.
Yes, the IRS can come after an LLC for personal taxes if the LLC is a pass-through entity and the owners have not paid their personal taxes.