LLC protection

[optx9]

If Im a member of an LLC and have to file a personal bankruptcy will the LLC be affected in any way?

[Callista Gail]

Assuming it was a legitimate transaction done before any legal action was taken by creditors. If a creditor had already filed a suit, it might be seen as a fraudulent conveyance and LLC protection would be voided.

[kellylife]

Nice information, thanks for sharing.

[EastCoastLaw]

It is really difficult to answer your question with so little information. Generally speaking you are protected from the business and the business is protected from you if the business is incorporated. But it depends on the specifics.

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[Justin Kane]

Let's say you have a company called ABC company and you are doing business as McDonalds. Its one company! its just that you have one name for the public and one name filed with the state. You have one company, and it files one schedule C, and like all incorporated entities, it provides some protect for its owners. It shields them from the liability.