Every week, if not every DAY, one of the attorneys in my office
I don’t know how this whole craze started and frankly, or who started the spread of misdirection and misinformation, but the LLC for all of its good and bad is here for the foreseeable future. Thus, I would be remiss not to tackle this important topic set the record straight.
Please realize that you actually may have a unique situation and there isn’t a one-size fit’s all approach or answer to a every new business situation. You will most certainly have a set of facts that are different from friend’s, mine or anybody else.
Thousands of business owners get taken advantage of each year with high priced asset protection plans that don’t come close to providing the protection they were promised.
Single-Member LLC’s have their place in the spectrum of business entity choices, and whether such an entity is right for you will depend on the details of your own personal situation.
I’m further convinced that fundamental asset protection begins with implementing affordable, tried-and-true strategies and simple habits.
There are many myths about tax planning, business credit and asset protection sold by inexperienced and non-licensed professionals.
For most of us, our home is one of our most valuable assets. It truly is our “castle,” but can also be one of our most vulnerable assets. Although we need to protect it at all costs, we face several dilemmas that create significant hurdles to protecting the complete value of our home.
Many don’t think there is any such thing as ‘risk’ with an IRA or it’s investments. Moreover, many believe that asset protection isn’t even necessary with an IRA. However, this is far from the truth. When investing your IRA it’s important to consider two types of potential threats.
Many people think that all they need to do is file one piece of paper with the State and you have a valid and effective LLC. Actually, at that point you have only completed about 25% of the process.