Legal Question in Business Law in Virginia
Protecting Business Assets
Recently, I started a new business. I have a lot of personal debt, including a judgement and a student loan that recently defaulted. My concern is that my creditors with garnish or freeze my business bank account when I open one. Will structuring my business as a limited liability company protect a new business bank account from my personal creditors?
Asked on 2/25/08, 11:40 pm
1 Answer from Attorneys
Michael Hendrickson
Law Office Michael E. Hendrickson
Re: Protecting Business Assets
If it's only a one member(you)LLC, probably not.
Answered on 2/26/08, 7:10 am
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