The auction catalogue described it as offering "huge scope and potential" for a new owner.

BBC: Southsea's South Parade Pier fails to sell at auction

In an LLC filing a partnership tax return, earned income passes through to the LLC owners subject to SE tax, unless an owner is not involved in operations (which is beyond the scope of this content).

FORBES: New Tax Law Strokes Hedge Fund Managers

The new owner will still be liable if the old one cannot pay, he says, but at least there is less scope for bad faith.

ECONOMIST: Brazil's labour laws