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I have been undergoing an IRS audit since 2009 for companies I owned that went broke. In 2008 I lost my house which has been bank sold, have creditors that I cannot pay and have a tax attorney working with the IRS who said I am winning so far. I am starting a new company. I realize that when all of the above is complete that I will have to file bankruptcy so I am trying to move on and minimize my liability. My reserach shows that an LLP or LLC is considered an asset is that correct? If so, it could enter into bankruptcy as an asset? I also find that if I open an S corp that my personal wages can be garnished if the IRS says I owe money, is that true? What suggestions do you have on which entity is the safest for me in the long run. Bankruptcy is inevitable. Leins and Levies by the IRS are also most likely since they always win in the end.