Valuation of LLC for Member/Manager for Personal Chapter =
Posted: Fri Jan 22, 2010 8:09 am
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you may need an appraiser.
David A. Tilem
Certified Bankruptcy Specialist*
Law Offices of David A. Tilem (a debt relief agency)
206 N. Jackson Street, #201, Glendale, CA 91206
Tel: 818-507-6000 Fax: 818-507-6800
* Bankruptcy specialist cert. by State Bar of CA Bd of Legal
Specialization.
Stephen
Sent: Thursday, January 21, 2010 1:02 PM
To: cdcbaa@yahoogroups.com
Subject: [cdcbaa] Valuation of LLC for Member/Manager for Personal Chapter 7
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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Message
you may need an
appraiser.
David A.
Tilem
Certified Bankruptcy
Specialist*
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