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cfortunato
cfortunato, Attorney
Category: Bankruptcy Law
Satisfied Customers: 8023
Experience:  Bankruptcy professor.
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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

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