Re: BK and corporation??

Posted by noslave (69.10.162.94) on August 18, 2004 at 01:35:04:

In Reply to: BK and corporation?? posted by Hotslicks on August 17, 2004 at 18:26:12:

With a sole propietorship the assets of the business become part of the bk estate in a personal bk.A corporation or LLC being seperate entities in theory should be exempt.But a bk lawyer told me that the persons shares in the corp. or membership interest in an llc would be part of the bk estate and subject to sale by the trustee.I am not sure about that and if there is business property involved and other owners it seems that it should be exempt.Your friend should definitely get legal advice if there are significant assets in the inc.Any further comments on this would be appreciated!

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