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The legal liability for things such as auto accidents follows the business entity, not the business name. This means that if you were operating your current restaurant as an LLC or a corporation, the liability would attach to that business entity and any assets that it owned, and a new business could take its place (this can be more complicated, but that is the basic idea). If you do not have a corporation or an LLC, the liability will go to you personally and any assets you currently own as a sole proprietor and you will be unable to avoid this liability regardless of the name change or whether you opened up a new business using one of these entities.
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I mean if I applied bankruptcy, so can someone else open up a same kind of business at the same location?
If another person open up a new business in different name, but it is same kind business as mine. (ex. pizza restaurant,). Does new business need to responsible for my liabilities?
"could open a new business in the same location (or continue operating the same business) after a bankruptcy filing."
How can I still running a business after a bankruptcy filling?
A Bankruptcy , is that means it will force to sell all the assets and equipment of the business for debtor.
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