How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask cfortunato Your Own Question
cfortunato
cfortunato, Attorney
Category: Bankruptcy Law
Satisfied Customers: 8023
Experience:  Bankruptcy professor.
14232603
Type Your Bankruptcy Law Question Here...
cfortunato is online now
A new question is answered every 9 seconds

if I have a single member LLC, am I personally responsible

Resolved Question:

if I have a single member LLC, am I personally responsible for the debts or can the LLC just dissolve or can the LLC file bankruptcy without me filing personnally
Submitted: 4 years ago.
Category: Bankruptcy Law
Expert:  cfortunato replied 4 years ago.

cfortunato :

Hi JACustomer,

cfortunato :

Have you personally guaranteed or signed for any of the debts for your LLC?

JACUSTOMER-038quku6- :

No

JACUSTOMER-038quku6- :

Are you there?

cfortunato :

Yes - I am here.

cfortunato :

If you have not personally guaranteed or personally signed for any of the LLC's debts, you cannot be held personally liable for those debts.

cfortunato :

So it would not be necessary for you to file a personal Bankrupcy.

cfortunato :

Additionally, it would not be necessary to file a business Bankruptcy, unless the business owns significant assets - such as property or equipment - that can be sold to pay its creditors.

cfortunato :

I think this is what you wanted to know. If not, please let me know.
Thank you.

cfortunato and other Bankruptcy Law Specialists are ready to help you