Posted by Marc on December 17, 2002 at 10:37:51:
Not an expert, but something to think about…
Who is we? Wife or Business Partners?
I’ve always heard that an LLC was an easy and effective entity for asset protection, which I still believe it is (lawsuits, identity, etc).
A company that I do some “alliance” business with is currently experiencing an issue where one of the partners is going through a personal bankruptcy (Chap 7). From what I understand, if this goes through, the BK Trustee becomes the quasi-partner in this LLC, and has the potential ability to yea or nay deals, and retract past sales to try to collect monies for the debt.
Just a thought,
Marc