If we are putting property that we own into an LLC and one of the 3 people in the LLC files bankruptcy, can the property be in jeopardy?
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If we are putting property that we own into an LLC and one of the 3 people in the LLC files bankruptcy, can the property be in jeopardy?
Asked on March 29, 2012 under Business Law, Ohio
Answers:
Steven Fromm / Steven J Fromm & Associates, P.C.
Answered 12 years ago | Contributor
Why would you possibly enter into an agreement with a bankrupt partner. This is just asking for a bad result. Why complicate your life and get involved with someone who obviously has done a bad job of managing their finances. In this economy, what are you thinking.
Guy Kirkpatrick
Answered 12 years ago | Contributor
The property must be properly transferred to the LLC for value. Any transfer within 3 to 6 months of a BK can be set aside by trustee. Be careful.
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