Suzanne Saxman Quoted in CNNMoney.com "LLCs and personal bankruptcy"

Suzanne Saxman was quoted in the August 6, 2008 Small Business Q&A section of CNNMoney.com. The letter writer asks whether a managing member/majority owner would default his ownership shares in the LLC to the other members if the managing member files for personal bankruptcy. Suzanne answered that you should “Look at the terms of your operating agreement that talk about what happens if there is a bankruptcy filing by a member… It could be termination of the LLC, dissolution of the company, or an option for other members to buy back that member’s interest. But it’s unlikely there will be a true forfeiture.”