0
== == 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.
What else can I help you with?
Can you file Chapter 7 Bankruptcy without liquidating your LLC business?
Yes maybe....but depends whether is Single or Multi Party LLC. There is a fair amount of information available on this. There are pros and cons depending on your particular situation and whether it is Single Or Multi LLC as mentioned.
Can you file both a dba and llc?
you can if you believe you can
How do I file for an LLC?
To file for an LLC, you need to choose a name, file articles of organization with the state, create an operating agreement, obtain any necessary licenses or permits, and pay the required fees.
Can someone open an LLC while in Chapter 13 bankruptcy?
Yes, nothing in the bankruptcy law prevents you from opening an LLC.
Can a non profit create an LLC?
Yes, although you will have to file a bit differently than with a typical profit LLC.
NJ If you have an llc and file a chapter 7 can they sue you as an individual?
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.
What steps should one take to create a LLC?
There are a few steps one needs to take when creating a LLC. First you need a name that complies with your state's LLC rules. Next you need to file the paperwork and pay the relevant fee. After that you need to create a LLC operating agreement. You may need to publish a notice of intent depending on your state. Lastly you need to obtain any licences and permits for your business.
How to add someone to your LLC?
To add someone to your LLC, you need to amend your operating agreement and file the necessary paperwork with the state where your LLC is registered. This typically involves updating the member's information and obtaining their consent to join the LLC.
Do wage earners have to worry about LLC tax returns?
Filing a LLC tax return is required of any LLC operating in the United States. If you are just an wage earner that does not own a business, then you would not have to file a LLC tax return.
What tax form is used to file LLC federal tax return?
An LLC can elect how it will be taxed, as a Corp or Partnership...and of course the forms follow.
What kind of application is needed to start an LLC?
You need a name registery form and to file papers with the state. Read more at http://smallbusiness.findlaw.com/business-structures/llc/forming-llc-checklist.html
What are the annual fees for an LLC in Florida?
$138.75 for an LLC and you want to make sure that you file before May 1st to avoid a $400 filing fee.
