If either the LLC or Company are not able to fork out its debts, creditors generally only go immediately after the company's property instead of the house owners' personalized assets. There are certain cases if the owner of a corporation or LLC is held liable for the business' debts. https://three-things-to-avoid-whe41964.bloggip.com/29895543/how-will-filing-bankruptcy-affect-my-small-business-options