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Dwayne B.
Dwayne B., Attorney
Category: Business Law
Satisfied Customers: 32939
Experience:  Practicing for over 20 years and helped a number of businesses with litigation.
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My husband has a small business and there is a possibility

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My husband has a small business and there is a possibility that we may have to file bankruptcy. How will this effect the business?
Submitted: 5 years ago.
Category: Business Law
Expert:  Dwayne B. replied 5 years ago.
What is the structure of the business? Corporation, partnership, sole proprietorship, etc.?
Customer: replied 5 years ago.
IT is an LLC Sole Proprietor.
Expert:  Dwayne B. replied 5 years ago.
Those are two different things. An LLC is a corporation, a sole proprietorship is not. Which one is it?
Customer: replied 5 years ago.
It is an LLC.
Expert:  Dwayne B. replied 5 years ago.
The bankruptcy should only affect the LLC in that the shares/ownership interest in the company are assets subject to the bankruptcy AND any notes or loans that your husband is personally responsible for will be subject to the bankruptcy as well.

Thank you for allowing me to assist you. As you know, we work on the honor system here and cannot always provide you answers that you like. I believe I have answered all of the questions you asked so I would request that you please click the ACCEPT button so I receive credit for my work and leave feedback if you have a chance. Please consider clicking "BONUS" as a nice way of saying "thanks" for a job well done, although this is neither required nor expected. I believe in giving information that is to the point, but please remember that I can only base our answers on the information you provide and sometimes a misunderstanding as to what you are looking for or already know occurs so feel free to ask additional questions or for clarifications. Be very careful about looking at other internet sites that just post generic information without any inquiry into your facts because often those answers are dated, wrong, or wrong as applied to your facts. Please be aware that my answer is not legal advice, it is merely information. You should always contact a local attorney for legal advice.

Several customers have asked how they direct a question to me in particular. If you specifically want me to provide information for you just put “FOR JD 1992” in the subject line and I will pick up the next time I am online.
Customer: replied 5 years ago.

What about any equipment, trailers that is under the LLC name? Would that be considered assets?

Expert:  Dwayne B. replied 5 years ago.
They would be assets of the LLC but not personal assets subject to the personal bankruptcy.

Thank you for allowing me to assist you. As you know, we work on the honor system here and cannot always provide you answers that you like. I believe I have answered all of the questions you asked so I would request that you please click the ACCEPT button so I receive credit for my work and leave feedback if you have a chance. Please consider clicking "BONUS" as a nice way of saying "thanks" for a job well done, although this is neither required nor expected. I believe in giving information that is to the point, but please remember that I can only base our answers on the information you provide and sometimes a misunderstanding as to what you are looking for or already know occurs so feel free to ask additional questions or for clarifications. Be very careful about looking at other internet sites that just post generic information without any inquiry into your facts because often those answers are dated, wrong, or wrong as applied to your facts. Please be aware that my answer is not legal advice, it is merely information. You should always contact a local attorney for legal advice.

Several customers have asked how they direct a question to me in particular. If you specifically want me to provide information for you just put “FOR JD 1992” in the subject line and I will pick up the next time I am online.
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