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Law Pro
Law Pro, Attorney
Category: Business Law
Satisfied Customers: 24430
Experience:  20 years experience in business law - sole proprietor, partnership, and corporations
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Im in a Bankrupcy ( TX , Chapter 13 ), I want to start a business.

Resolved Question:

I'm in a Bankrupcy ( TX , Chapter 13 ), I want to start a business. Should I set up the LLC ( with LLC Operating Agreement - looking at Wyoming ) first or can I do it at a later time? My concern is the Trustee being able to claim all additional income.
Submitted: 1 year ago.
Category: Business Law
Expert:  Law Pro replied 1 year ago.

Law Pro :

Hi. Thank you for using JustAnswer. My name is XXXXX XXXXX I'm going to assist you today.

Law Pro :

Is the bankruptcy a joint bankruptcy - you and your wife or individual?

Customer:

No, it is only me.

Law Pro :

OK. Are you married?

Customer:

No, I am not

Law Pro :

The problem is - that you techically suppose to report any income to the Trustee.

Law Pro :

That by formalizing an LLC - you are specifically stating that you are starting an LLC.

Law Pro :

So, I wouldn't form an LLC until the ch 13 was over.

Law Pro :

I would keep the business "under wraps" and keep it a sole proprietorship until later. I would make sure that I had liability insurance for whatever endeavor I was going into. But I wouldn't form the LLC till after the bankruptcy was discharged.

Customer:

That was going to be my next question on how should I set it up. Ok, I feel a lot better now.

Customer:

If I have other question I saw something with unlimited questions. How do get back to that?

Law Pro :

I would keep it a sole proprietorship - a DBA company. I wouldn't do any formalization until after the Chapter 13 was over.

Customer:

Thank you for your help.

Law Pro :

I think you get back to that if you go back and start another question - it will take you to how to sign up for a subscription program OR you can contact JustAnswer customer service and they can walk you through that program.

Law Pro :

You're welcome. Keep this new business venture low key until later.

Customer:

ok, thank you Fred. Have a great week.

Law Pro :

You too - have a great week!!!

Law Pro :

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Law Pro :

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Law Pro, Attorney
Category: Business Law
Satisfied Customers: 24430
Experience: 20 years experience in business law - sole proprietor, partnership, and corporations
Law Pro and 8 other Business Law Specialists are ready to help you

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