Valuation of LLC for Member/Manager for Personal Chapter 7
Posted: Thu Jan 21, 2010 1:02 pm
Dear List Mates:
Petitioners (married couple) seek to file a personal Chapter 7. The assets of concern for exemption purposes is their full ownership interest as Manager/members of an LLC, which showed a net ordinary income of $105,000 for 2009 based on profit and loss statement. The husband took home an average of $4500 a month based on working 240 hours a month. There are about 11 other mostly part-time employees. Wife makes a few thousand a year working elsewhere. The concern is the asset value to give the business to keep it protected in a chapter 7 filing. It is a restaurant. The building is leased. the equipment has a salvage value of $10-15,000. It is located in an area hit hard by the great recession, and many businesses have gone out of business in this city. Any recommendations in determining the value of their ownership in this LLC?
Thanks,
Stephen M. Stern, Esq.
Law Office of Stephen M. Stern, PLC
(805) 543-5297
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