small business in Big Trouble
This is a discussion on small business in Big Trouble within the Business Contracts & Partnerships forum, part of the BUSINESS & FINANCE LAW category; After a slue of bad luck , my general partnership with my brother and mom are facing a threat of ...
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Oct 17th, 2007, 05:50 AM
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#1 |
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Junior Member
Join Date: Oct 2007
Posts: 1
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small business in Big Trouble
After a slue of bad luck , my general partnership with my brother and mom are facing a threat of foreclosure on 2 of our rental properties. And even worse they will probably even go after atleast a peice of her personal home which is the last thing my brother and I want. So my question , is there still a way I can shelter our credit and homes by maybe starting a Corporation or LLC and moving the general partnership under and protect them with the limited liability benefits . Or any other avenues you can suggest to stabilize things until we can get back on top would be greatly appreciated. Thanks , Eric
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Oct 18th, 2007, 09:26 AM
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#2 |
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Top Level Member
 
Join Date: May 2007
Posts: 872
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Re: small business in Big Trouble
You can yes. But meet with an asset protection lawyer asap as once lawsuits are filed your options further decrease.
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