I am married and closing a single member LLC retail business.
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I am married and closing a single member LLC retail business.
Must I notify creditors before liquidating assets? Are our shared assets (house and small retirement acct) protected? Will my husband’s credit be affected if I am unable to pay off business debts?
Asked on July 6, 2009 under Business Law, California
Answers:
B. B., Member, New Jersey Bar / FreeAdvice Contributing Attorney
Answered 14 years ago | Contributor
The whole point of having set up a LLC to begin with was to protect your shared assets, and even your individual assets that weren't part of the business. You should discuss with an attorney the proper way of closing down the LLC, so that you don't lose this protection. Consider the legal fees as very cheap insurance, considering!
Your husband's credit should not be affected, if his name wasn't connected with the business at all.
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