(The Network Journal) — “I am starting a new Internet business in my spare time, and have considered forming a limited liability company (L.L.C.) 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 L.L.C. has only one member, it doesn’t really protect you because your 100 percent ownership interest in the L.L.C. becomes just another asset your creditors can attack. However, if you set up an L.L.C. with two or more owners, the L.L.C. will be considered an entity separate and apart from you so that any assets in the L.L.C will be safe from your personal creditors.”
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