Legal Question in Business Law in New York

LLC and personal bankruptcy

When there are only two partners in an LLC that has a real estate holding,what happens when one partner declares personal bankruptcy


Asked on 4/03/09, 3:24 pm

1 Answer from Attorneys

Warren Markowitz Warren R. Markowitz, Esq

Re: LLC and personal bankruptcy

That would depend on the terms of the Operating Agreement.

The personal bankruptcy of an LLC Member doesn't generally effect the LLC, but may have an impact if the person is providing a personal guarantee for obligations of the company.

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Answered on 4/03/09, 3:29 pm


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