My father has recently passed, and we as a family have became the owners of the LLC. The company has numerous debts and even tax liens on personal property. What is the next move, the company appears to have no operating capital. If we elect to fill for bankruptcy which chapter is best to file under? Will we as a family be able to gain any of the money off of the equipment and other company assets. Any advice would be greatly appreciated.
If you do not intend to operate the business any further, your next step is to "wind up" the business. LLC's liabilities are limited to the assets of the LLC. Basically, you need to talk to a probate attorney or maybe a business law attorney who can give you advice on how to do that.
This is not legal advice, but rather provision of legal information available to the public. For specific advice relevant to your specific factual situation, please hire an attorney.
Our Rating is calculated using information the lawyer has included on their profile in addition to the information we collect from state bar associations and other organizations that license legal professionals. Attorneys who claim their profiles and provide Avvo with more information tend to have a higher rating than those who do not.What determines Avvo Rating?Experience & background
Years licensed, work experience, educationLegal community recognition
Peer endorsements, associations, awardsLegal thought leadership
Publications, speaking engagementsDiscipline