I'm 50% owner of a LLC. I have filed personal bankruptcy chapter 7. My partner and his attorney made an offer to the trustee to by out my interest in the business to settle the bankruptcy. After this happening will I still be 50% legal owner of the LLC.
1 Answer from Attorneys
If your partner has offered to purchase your share of the business from the bankruptcy estate, the proceeds of the sale will be distributed to your creditors and your partner will own 100% of the LLC.
Related Questions & Answers
I own a wine distributor in Ohio and need to transfer 20% of the business to a... Asked 9/15/13, 11:10 am in United States Ohio Business Law
We have applied for IRS 501(c)(3) tax exempt status for our animal welfare... Asked 9/02/13, 6:16 pm in United States Ohio Business Law
Can you be sued if you suggest an idea to a business owner and the idea is a failure? Asked 7/26/13, 4:02 am in United States Ohio Business Law
Do i need a business license to work as a self employed independent landscaping... Asked 7/19/13, 4:28 pm in United States Ohio Business Law
Can a staffing agency be a non profit? Even if it gets employees to work with other... Asked 5/25/13, 5:11 pm in United States Ohio Business Law