Here's the background info. I've got one c-corp I fully own, which is currently in significant debt and has little recovery potential. The majority of debt is personally guaranteed.
I've started a second company in the same industry, but have not formed the corporation yet and want to make sure the entity structure (while complicated) is safe from creditors.
In order to do this, I intend to have a silent business partner officially form the c-corp entity by having his LLC own the new corporation and represent the board. I would also form my own LLC and would be hired by the board to operate and manage the company. Neither me nor my LLC would not own any equity in the new venture.
If creditors come after the original failing company, would both my business partner and the new venture be safe from these collectors? Does this corporate structure distance me and my original business enough from the new venture?