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IS AN LLC CORP OWNER BY ME AND MY BROTHER AFFEDTED IF I FILE

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BANKRUPTCY...
IS AN LLC CORP OWNER BY ME AND MY BROTHER AFFEDTED IF I FILE BANKRUPTCY
Submitted: 8 years ago.Category: Tax
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Answered in 6 minutes by:
7/2/2009
Tax Professional: RD, Certified Public Accountant (CPA) replied 8 years ago
RD
RD, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 8,784
Experience: CPA, MBA, Over 10 yrs of experience in tax planning and business consulting..
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Does the LLC operating agreement address such issue? Absent provision in the operating agreement to the contrary, the member's(in this case your's) LLC ownership interest becomes the property of the debtor's bankruptcy estate. Whether you will have the right to act on behalf of the LLC will depend on the provision in the Operating agreement. If the operating agreement is silent than it would depend on the State Statute where the LLC is formed.

 

 

Let me know if you have any question.

 

Please note: This advice is provided with the understanding that all the relevant facts have been provided by you. Any change in facts might affect the advice given and hence may not be relied on in such cases. Nothing contained in this reply was intended or written to be used, can be used by any taxpayer, or may be relied upon or used by any taxpayer for the purposes of avoiding penalties that may be imposed on the taxpayer under the Internal Revenue Code of 1986, as amended.

 

RD
RD, Certified Public Accountant (CPA)
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