Business Debt/business debt

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Expert: - 1/26/2009


Question
Can an existing LLC, operating a business, close down the LLC and start a new operating entity (a new LLC or corporation), operating the same business and not have debt or contractual obligations incurred by the initial LLC??

Answer
Thomas:
Thank you for your question.I have known other entities who have done this to try and "escape" their liabilities, without much success. The reason is, this is a transparent approach which to creditors appears quite fraudulent in its intention, especially where personal guarantees may be concerned. I highly recommend you seek the advice of a business transaction attorney, to discuss your rights and responsibilities to this debt. A better option would be to try to settle the debt using a professional debt arbitration firm or attorney to insure none of this comes back to haunt your new endeavor. A pro-active approach is always better and less costly than a reactive one. If you want more information about debt settlement (arbitration), my firm provides such services for businesses and I would be pleased to consult with you about this option. Simply ask a follow up and mark it "private" include your name, email and contact number as well as the state in which you reside and I will be in touch.

Respectfully,

Christine Janklow

Business Debt

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Christine Janklow

Expertise

As President of SettleSource,Inc. a business debt settlement firm, I invite you to inquire about all aspects of business debt solutions to best determine which may be most appropriate. If you have questions such as: What is debt settlement and how process provide debt relief to my business? What options are available to deal with my business debts? Is it possible for a business owner to negotiate their own settlements? Why is debt settlement preferable to filing a bankruptcy or debt consolidation? Why are creditors willing to provide settlements to a business? How will settling debts affect credit scores? or How to rebuild a business after debt is eliminated. Please ask it now! For more information regarding how debt settlement can help your business, please visit www.SettleSource.com and place your inquiry. Mention All Experts to have a confidential no cost consultation with Christine. If this is your business situation time may play a very important factor in getting matters resolved proactively before they have negative affects on the business.

Experience

My expertise is specific to providing business solutions that will have profound positive impacts on the financial health of businesses. I have 25 years experience as an entrepreneur and have developed national sales programs; strategic alliances; product development; marketing programs; business and turnaround plans and debt settlement programs all providing methods to improve the financial outlook for large and small businesses. In the area of commercial debt settlement I have over 10 years experience working with large and medium corporations and closely held businesses to enable successful debt reduction and turnaround. I am a professional debt arbitrator and have negotiated with major banking institutions as well as vendors, suppliers and other trade creditors.

Organizations
Provisors;Turnaround Management Association; Los Angeles area

Publications
Accounting Today; Web CPA; National Restauarant Association;Los Angeles Daily News; Today Magazine Monthly series of business articles entitled "Brand News."

Education/Credentials
Bachelor of Business Administration; Associate of Arts Merchandising

Past/Present Clients
American Airlines, American Express, Safeway Inc., New York Life, consumer products manufacturers; retailers, food service industry and other small businesses and service providers.

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