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socrateaser, Attorney
Category: Business Law
Satisfied Customers: 37822
Experience:  Retired (mostly)
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This answer was rated:

I already asked my question and provided ce card info. I got hung up on a password XXXXX I now have a temp password. I don't want to go through the whole thing again and pay again. So lets fast forward to wherer I was.

Different contributor here. Please permit me to assist.

If the business is a "general partnership," which means a partnership that is not created under the umbrella of a separate legal entity registered with the state, such as an LP, LLP, LLC, or Inc., then the bankruptcy will be treated approximately the same as a personal bankruptcy, and everything will flow through to the individual partners.

Otherwise, the two issues will remain completely separate -- with one important exception: if a partner in a legal entity has made a personal guarantee of some debt incurred by the partnership, then the creditor can simply ignore the bankruptcy and attempt to collect from the personal guarantor.

So, there are a few twists and turns here that could change the answer all the way from "no liability" to "total liability."

Let me know if I can clarify anything for you.

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Customer: replied 4 years ago.

Sir or Madam. My credit card company informs me that I have been charged two fees for this, Please delete one of the charges. It came about when I could not Log In due to some problem with a "Password". Please advise.

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