You are deluded.

Actually I think you are mistaken. Bankruptcy and the LLC will protect from most things except the IRS. They will track him down until he pays everything that should have been sent into the goverment or until they settle with him.

I have been awaiting an attorney to weigh in on this. My full knowledge on this has been being told not to count on an LLC protecting me by someone who should know. No one screws the IRS over.

Reading TDW tonight I find that Aziz went through a Chapter Seven personal bankruptcy as well as his three restaurants going through a Chapter 11. The pickings might be slim for creditors.

An LLC doesn't pay income taxes. The profits pass through to the owners who pay personal income taxes on those profits.

I only point out this distinction because the LLC limits the owner's liability for all business activities related to the business. Federal income taxes are unrelated to the business.

The county can't put a tax lien on an LLC owners home to enforce payment of the property taxes that the LLC owes, for instance.

You are correct. I wasn't thinking of income taxes, however. I was thinking of employee payroll taxes. If you don't send your employee's payroll taxes in, they will hunt you like wild boars.

http://www.nolo.com/legal-encyclopedia/llc-basics-30163.htm


LLC's do help protect the individuals, however, most of times when you get a loan, the lender will require the individuals to guarantee the loan outside of the LLC.

Nearly $17,000 raised!! Good job Grays Habor.

Plus the news this morning about a Denny's co-op pledging another 3 G's and promising jobs to any of the employees wanting to relocate.

And, even bigger, the President of the co-op said they were looking in to the possibilities of getting the restaurant back into the Denny's fold.

Excellent news.

'Philanthropy is commendable, but it must not cause the philanthropist to overlook the circumstances of economic injustice which make philanthropy necessary.' - Martin Luther King