My business is closing due to a few major losses and inability to pay back debts due to these losses . A few of these debts are judgments against us from unhappy clients in small claims the other expense that is really steep is from an ex - employee that we were unable to pay . What is the better option of the two or is neither a good option ? I want to make sure this does not carry over to me personally . Does leaving the LL in place but simply not doing any business still act as a shield to protect my personal liability ?