Thank you for your question
Unless you have the bankruptcy through the court, there is nothing else you need to do other than converting any depreciable assets from business assets to personal assets
I don't get it
I want you to understand my answer, so please ask as many questions as you need to
If I filed bankruptcy, it through the court or state?
I filed bankruptcy for single member LLC, does it affect my person asset ? since I filed tax together.
You asked if you had any personal liabilities for the LLC bankruptcy...........so I read that to mean that you may have officially filed bankruptcy through the courts...........is that correct?
Did you claim any exemptions, such as homestead car, retirement money etc?
yes, Does LLC affect personal asset through bankruptcy?
A Sole Proprietorship is where you and the business are the same entity. The sole prop is taxed on Schedule C, but there is no separate business entity to provide liability protection for you if the business can't pay its bills or gets sued.
You will want to check with your attorney and have him advise you on the best way to protect your assets under this type of business entity
I thought the LLC is protect personal assets from business liabilities. Isn't right?
The LLC offers LIMITED protection. The fact that you filed this on a Schedule C, and it was included as part of your personal tax return (as opposed to say an S Corp which has to file its own tax return) the LLC in the Schedule C forms offers the least amount of protection when it comes to your personal assets.
That doesn't mean that things will get that far.
okay thank you