LLC rules do not apply during bankruptcy. Equity holders are unsecured in bankruptcy, employee salaries and secured debts have a higher priority. You can have

LLC rules do not apply during bankruptcy. Equity holders are unsecured in bankruptcy, employee salaries and secured debts have a higher priority. You can have provisions about tax liabilities, but that is a specific risk that must be mitigated in an LLC that a corporation does not have to deal with, thus it’s an added risk