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I filed bankruptcy for single member LLC, but since I filed

LLC tax together w...
I filed bankruptcy for single member LLC, but since I filed LLC tax together w. my individual tax return. Do I liable for personal liability since filed tax together?
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Answered in 20 minutes by:
8/5/2013
Richard
Richard, Tax Attorney
Category: Tax
Satisfied Customers: 55,808
Experience: 29 years of experience as a tax, real estate, and business attorney.
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Welcome! My goal is to do my very best to understand your situation and to provide a full and complete answer for you.

Good evening. Being able to treat your LLC as a disregarded entity and report its operations on your personal tax return is simply a tax accommodation. It does not impact the limited liability nature of the LLC which is established by state law. Thus, just because you report the operations of your LLC on your personal tax return, that does not make you personally liable for any of the debts and liabilities of your LLC. You are protected under state law from those liabilities.


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Richard
Richard, Tax Attorney
Category: Tax
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Richard
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