SUCCEEDING IN YOUR BUSINESS: Forming a Limited Liability Company To Shield Assets from Creditors
"I am starting a new Internet business in my spare time, and have considered forming a limited liability company (LLC) for this business. I also owe a ton of money to some people, and there's a good chance I may have to file personal bankruptcy in the next year to two years. I have heard that if an LLC has only one member, it doesn't really protect you because your 100 percent ownership interest in the LLC becomes just another asset your creditors can attack.