My son is starting a new business in Florida. He HAD had a construction company which was thriving until the economy burst. He thinks that he may need to file bankruptsy in the future to clear his debts, but he's concerned about the company he's starting right now. He says that the research he's done, says that if he forms the business under an LLC that he won't lose his new business as opposed to a corporation. Is he right? I've also been told that the business is in a 'minority's' name....a woman perhaps, (as he has a woman who will be partnering with him), that they'd be eligible for alot of finiancial help. Is that true also. Thank you for any assistance......Patty
From the LawyerCentral forum archive. Originally posted 16 August 2010 on a legal forum that has closed. Names and contact details were removed. See the original (Internet Archive).
Hi Patty, I must say that your son is partially right on this one. The reason is that there are plenty of clauses that are to be satisfied and looked into in case of LLC. So, it is good that the woman will be providing the helping hand, but it would be better to get some assurance from an attorney in your area as they would be able to have a better insight about the situation. Hope that it helps.
Answers are reviewed before they appear. They are general information from visitors, not legal advice, and do not create a lawyer-client relationship. Do not include private details.
See attorneys near you who handle questions like this one.