Law-Forums.org

[juanito]

I am trying to collect info on filling bankruptcy for an LLC- just oppened 7 months ago and have been able to keep upfloat until now but no longer have the funds to pay the high rent, business loans or even employee payroll.

What options do I have? Will a bankruptcy for an LLC kill my personal credit? Am I correct that personal belongings (such as my home) are safe?

I heard that the laws in NJ are "not so generous"... what can I expect?

[fitche]

My understanding of an LLC is that it gives the owners some of the protections of being a corporation but not all. Some of your personal assets may be shielded but you may still have a limited amount of personal exposure.

The best thing you can do is contact your attorney and your CPA. Dissolving an LLC has some very particular steps, and you'll want to make certain you have all your i's dotted and your t's crossed.