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Category: Business Law
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Experience:  I am a practicing attorney. I have experience in business law, bankruptcy, real estate law and estates.
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Does Single Member LLC protect personal asset from bankrutpcy? (If

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Does Single Member LLC protect personal asset from bankrutpcy?
(If filed tax on individual tax return on schedule C.)

Attorney2020 :

Yes. A properly incorporated LLC is to be considered a separate legal entity in every state for all purposes including bankruptcy. However, make sure that you are following the corporate formalities such as transferring title of all property into the name of the LLC, keeping personal and LLC bank accounts separate. I hope this helps. Please rate my answer. If you need any additional information, please let me know.


Even I filed the individual tax and single Member LLC tax together, it still protect my personal asset if the LLC filed bankruptcy?

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