Tax

Have a Tax Question? Ask a Tax Expert

Ask an Expert,
Get an Answer ASAP!

Tax
This answer was rated:

I own a Single member LLC, but I filed the individual tax return

together with the LLC,I put...
I own a Single member LLC, but I filed the individual tax return together with the LLC,I put LLC on Schedule C as business profit and loss, so DO I have nay personal liabilities for the LLC bankruptcy?
Show More
Show Less
Ask Your Own Tax Question
Answered in 15 minutes by:
8/4/2013
Anne
Anne, Master Tax Preparer
Category: Tax
Satisfied Customers: 2,439
Experience: Enrolled Agent with 25 Years Experience specializing Individual and Small Businesses
Verified

Anne :

Hi

Anne :

Thank you for your question

Anne :

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

Customer:

I don't get it

Anne :

I want you to understand my answer, so please ask as many questions as you need to

Customer:

If I filed bankruptcy, it through the court or state?

Customer:

I filed bankruptcy for single member LLC, does it affect my person asset ? since I filed tax together.

Anne :

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?

Customer:

yes

Anne :

Did you claim any exemptions, such as homestead car, retirement money etc?

Customer:

yes, Does LLC affect personal asset through bankruptcy?

Anne :

It could

Anne :

 


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.

Anne :

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

Customer:

I thought the LLC is protect personal assets from business liabilities. Isn't right?

Anne :

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.

Anne :

That doesn't mean that things will get that far.

Customer:

okay thank you

Anne
Anne, Master Tax Preparer
Category: Tax
Satisfied Customers: 2,439
Experience: Enrolled Agent with 25 Years Experience specializing Individual and Small Businesses
Verified
Anne and 87 other Tax Specialists are ready to help you
Ask your own question now
Thank you for the accept and the positive rating.

Please feel free to ask for me by name if I can help you in the future.
Ask Your Own Tax Question
Ask Anne Your Own Question
Anne
Anne
Anne, Master Tax Preparer
Category: Tax
Satisfied Customers: 2,439
2,439 Satisfied Customers
Experience: Enrolled Agent with 25 Years Experience specializing Individual and Small Businesses

Anne is online now

A new question is answered every 9 seconds

How JustAnswer works:

  • Ask an ExpertExperts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional AnswerVia email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction GuaranteeRate the answer you receive.

JustAnswer in the News:

Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.

What Customers are Saying:

I really was impressed with the prompt response. Your expert was not only a tax expert, but a people expert!!! Her genuine and caring attitude came across in her response...

T.G.WMatteson, IL

I WON!!! I just wanted you to know that your original answer gave me the courage and confidence to go into yesterday's audit ready to fight.

BonnieChesnee, SC

Great service. Answered my complex tax question in detail and provided a lot of additional useful information for my specific situation.

JohnMinneapolis, MN

Excellent information, very quick reply. The experts really take the time to address your questions, it is well worth the fee, for the peace of mind they can provide you with.

OrvilleHesperia, California

Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help.

Mary C.Freshfield, Liverpool, UK

This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!!

AlexLos Angeles, CA

Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult.

GPHesperia, CA

< Previous | Next >

Meet the Experts:

Wallstreet Esq.

Wallstreet Esq.

Tax Attorney

586 satisfied customers

10 years experience

Mark D

Mark D

Enrolled Agent

1,300 satisfied customers

MBA, EA, Specializing in Business and Individual Tax Returns and Issues

Richard

Richard

Tax Attorney

4,336 satisfied customers

29 years of experience as a tax, real estate, and business attorney.

Robin D.

Robin D.

Senior Tax Advisor 4

13,906 satisfied customers

15years with H & R Block. Divisional leader, Instructor

Megan C

Megan C

Certified Public Accountant (CPA)

8,651 satisfied customers

Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level

jgordosea

jgordosea

Enrolled Agent

2,885 satisfied customers

I've prepared all types of taxes since 1987.

R. Klein, EA

R. Klein, EA

Enrolled Agent

1,839 satisfied customers

Over 20 Years experience

< Previous | Next >

Related Tax Questions
A dentist sells his Schedule C dental practice for 190,000
A dentist sells his Schedule C dental practice for 190,000 in 2016. Please note he began the practice in 1998. Additionally, please note he filed a joint return with his wife in 2016. The 190,000 was … read more
taxmanrog
taxmanrog
Master\u0027s Degree
715 satisfied customers
Canadian Personal tax expert. I was living common law since
Canadian Personal tax expert. I was living common law since 1989. Since 2011 we have been living in the same house but separate. She lives upstairs and I live in the basement. We are both retired, I a… read more
taxmanrog
taxmanrog
Master\u0027s Degree
715 satisfied customers
An employee forged a check to pay her personal taxes, She
An employee forged a check to pay her personal taxes, … read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
2 Member LLC now 1 Member LLC. What forms to file to IRS? I
2 Member LLC now 1 Member LLC. What forms to file to IRS?I have an LLC that was Me and Member B. Member B has now left the LLC and sold his ownership to me for no consideration. I am now the sole owne… read more
Barbara
Barbara
Enrolled Agent, Paralegal
3,558 satisfied customers
I am a personal injury attorney doing a schedule c as we
I am a personal injury attorney doing a schedule c as we speak. . … read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
Small schedule c business donates fully depreciated
small schedule c business donates fully depreciated furniture to charity. They've been told that the FMV is $1,000. What is the deduction for contributed property? … read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
I'm doing my 2016 individual tax return. I sold my home in
I'm doing my 2016 individual tax return. I sold my home in 2016. I rented rooms in my personal residence (which I sold in 2016) I took depreciation. I understand that I am subject to depreciation reca… read more
Amanda Russell
Amanda Russell
Accounting Tax & Profit Strategist
Master\u0027s Degree
9 satisfied customers
If I miss the deadline for my personal taxes, and do not owe
If I miss the deadline for my personal taxes, and do not owe anything...in other words, my income was zero, are there any deductions that I forfeit because I am filing late? I am an IL resident. Thank… read more
abci168
abci168
Principal
27 satisfied customers
Adjusted individual tax return for 2014(Iowa),says no
Adjusted individual tax return for 2014(Iowa),says no response to letter of inquiry,disallowed health insurance. deduction.says my wife and I owe$600.00.she called # and was told to show proof of insu… read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
I am finalizing a personal tax return and my client has 8 or
I am finalizing a personal tax return and my client has 8 or 9 K-1 forms from operating companies that he owns. One company that i do not prepare issued a K-1 with a line 1 income of $242,089 and a se… read more
Chad CFP ®
Chad CFP ®
Certified Financial Planner(R), Pro
Master\u0027s Degree
834 satisfied customers
Company A transferred assets and liabilities to a newly
Company A transferred assets and liabilities to a newly formed Company B … read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
I have a question about my personal taxes ( tax ) if I have
I have a question about my personal taxes ( tax ) if I have a income of 700,000 from my company with a w2 how much taxes I will pay, but I buy this year 2 house in total 580,000 and 1 car 60,000 ?… read more
Barbara
Barbara
Enrolled Agent, Paralegal
3,558 satisfied customers
A taxpayer, Form 1040 Schedule C, is on the cash basis. The
A taxpayer, Form 1040 Schedule C, is on the cash basis. The average revenue for the last 5 years is $5,100,000. There is no inventory. The NAICS is 423600Can he remain on the cash basis?… read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
I need help putting a personal tax return together by
I need help putting a personal tax return together by morning. I have all of the information needed for the return.… read more
Mark Taylor
Mark Taylor
Certified Public Accountant
Masters
2,251 satisfied customers
A tax payer formed an LLC in the state of Texas. Can the tax
a tax payer formed an LLC in the state of Texas. Can the tax payer file a schedule C for the federal tax return and retain the LLC status in the state of texas… read more
Matthew Breecher
Matthew Breecher
President
MBA (Graduate Legal Studies)
285 satisfied customers
Is a tax refund on a decedent's individual tax return
is a tax refund on a decedent's individual tax return includible in the decedent's estate (Form 706) AND/OR the decedent's estate income tax return (Form 1041)? … read more
Chad CFP ®
Chad CFP ®
Certified Financial Planner(R), Pro
Master\u0027s Degree
834 satisfied customers
You stated to just mail the 2012 Individual Tax Return to
You stated to just mail the 2012 Individual Tax Return to IRS without an explanation as they referenced in the letter… read more
Dr. Fiona Chen
Dr. Fiona Chen
President
Ph.D.
481 satisfied customers
There is no credit on Illinois personal tax return for
There is no credit on Illinois personal tax return for property tax paid for vehicle, correct? Thanks,… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
13,906 satisfied customers
Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Show MoreShow Less

Ask Your Question

x