How can recover losses from a failed LLC business?

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After 8 years, I’m shutting down my failing LLC. Each managing member will owe about $ 15,000 after adding up loans and debt that we personally guaranteed. Are there any tips or tricks to help us recover some of this in the form of our personal tax returns?

1 Comment
  1. Reply
    Sharon T
    November 10, 2011 at 6:14 am

    There is too much at stake here to rely on our advice, however well-meaning. Please hire a CPA or Enrolled Agent to file the final return and advise you.

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