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