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A limited liability company or "LLC" is a type of business structure that is used often in The United states. I noticed While filing my LLC company that it gave the option to have multiple people contribute to be authorized as a manager of the LLC. Owners of an LLC are called members rather than being called shareholders or partners.

Bankruptcy is a legal option for individuals or businesses that are unable to pay their debts or obligations. Obligations such as credit debt, outstanding bills, or tax debt can be eliminated while filing for Bankruptcy. There are multiple ways to file Bankruptcy. Each bankruptcy option may benefit one person more so than the other. Bankruptcies are filed under chapters. The United states use 6 Chapters. Chapter 7, Chapter 9, Chapter 11, Chapter 12, Chapter 13 and Chapter 15. The most commonly used are Chapter 7 and chapter 13.

To be eligible for Chapter 7 Bankruptcy, you must pass a test that looks at income, expenses, and family size. Cannot have had a previous chapter 7 in the past 8 years or chapter 13 in 6 years. The benefits of filing a chapter 7 bankruptcy is that it is a fast option to resolve debt. However, assets can be repossessed to cover the depts or obligations that can't be paid.

To be eligible for Chapter 13 Bankruptcy, You must have unsecured debt not exceed $419,275 and secured debt cannot exceed $1,257,850. Must have regular income and be current on tax filings. Cannot have had a chapter 13 filing in the past 2 years or chapter 7 in the past 4 years. Chapter 13 allows the entity to create a plan to repay all or part of their debt.