Comments on: How To Protect Your Assets Using Business Structures http://wpbloghost.com/blog/protecting-your-assets/ Thu, 22 Jul 2010 13:37:06 +0000 hourly 1 http://wordpress.org/?v=3.0 By: John Hoff http://wpbloghost.com/blog/protecting-your-assets/comment-page-1/#comment-955 John Hoff Thu, 01 Oct 2009 23:10:50 +0000 http://wpbloghost.com/blog/protecting-your-assets/#comment-955 Hi John. I had Theresa contact you about your situation. Hi John. I had Theresa contact you about your situation.

]]> By: john hankins http://wpbloghost.com/blog/protecting-your-assets/comment-page-1/#comment-952 john hankins Wed, 30 Sep 2009 18:56:16 +0000 http://wpbloghost.com/blog/protecting-your-assets/#comment-952 My girlfriend and I own 5 rental houses. We have a large portfolio of stocks and high value assets. Currently we do not have any business structure in place and we really need to start thinking about some type of liability protection. I like your idea about series LLC but I need more information regarding how to set them up properly and what we need to do to get started. Right now we are at a stand still because we do not know who to go to first; CPA? Tax attorney? Business Attorney? or Financial adviser? With the market being the way it is currently I need to be able to buy more rental properties but we are unwilling to risk any more exposure. My girlfriend and I own 5 rental houses. We have a large portfolio of stocks and high value assets. Currently we do not have any business structure in place and we really need to start thinking about some type of liability protection. I like your idea about series LLC but I need more information regarding how to set them up properly and what we need to do to get started. Right now we are at a stand still because we do not know who to go to first; CPA? Tax attorney? Business Attorney? or Financial adviser? With the market being the way it is currently I need to be able to buy more rental properties but we are unwilling to risk any more exposure.

]]> By: GK http://wpbloghost.com/blog/protecting-your-assets/comment-page-1/#comment-95 GK Sat, 04 Jul 2009 01:44:22 +0000 http://wpbloghost.com/blog/protecting-your-assets/#comment-95 Dear John Hoff, What if someone works at a corporation? Such people are vulnerable to getting sued, since if they are an executive, their compensation is public information. Is it possible to get your employer to send your paychecks to your FLP or LLC, and then the entity pays you a (lower) salary? This keeps salary low, for calculations like alimony, etc. Dear John Hoff,

What if someone works at a corporation? Such people are vulnerable to getting sued, since if they are an executive, their compensation is public information.

Is it possible to get your employer to send your paychecks to your FLP or LLC, and then the entity pays you a (lower) salary? This keeps salary low, for calculations like alimony, etc.

]]> By: John Hoff http://wpbloghost.com/blog/protecting-your-assets/comment-page-1/#comment-99 John Hoff Wed, 20 May 2009 17:19:08 +0000 http://wpbloghost.com/blog/protecting-your-assets/#comment-99 Hi Donald. I haven't heard that but I'll ask my mother . . . she's the expert. Have you looked into a Series LLC? It's one LLC, one tax return, assets are separated and protected. Hi Donald. I haven’t heard that but I’ll ask my mother . . . she’s the expert. Have you looked into a Series LLC? It’s one LLC, one tax return, assets are separated and protected.

]]> By: Donald Richardson http://wpbloghost.com/blog/protecting-your-assets/comment-page-1/#comment-98 Donald Richardson Wed, 20 May 2009 16:48:28 +0000 http://wpbloghost.com/blog/protecting-your-assets/#comment-98 What a great find this is! I'm in the process of setting up a second LLC for an additional revenue stream as well as better organization, protection, etc. Eventually I'm looking at a 3 level LLC just like you've diagrammed. Recently I was cautioned that having more than one LLC in your name can be a red flag to the IRS. How true is this? Best Regards, Don What a great find this is!

I’m in the process of setting up a second LLC for an additional revenue stream as well as better organization, protection, etc. Eventually I’m looking at a 3 level LLC just like you’ve diagrammed. Recently I was cautioned that having more than one LLC in your name can be a red flag to the IRS. How true is this?

Best Regards,
Don

]]> By: asset basd lending http://wpbloghost.com/blog/protecting-your-assets/comment-page-1/#comment-97 asset basd lending Sat, 02 May 2009 17:24:43 +0000 http://wpbloghost.com/blog/protecting-your-assets/#comment-97 appreciate the information, rates are pretty attractive it just depends on the program offered. appreciate the information, rates are pretty attractive it just depends on the program offered.

]]> By: Steve http://wpbloghost.com/blog/protecting-your-assets/comment-page-1/#comment-96 Steve Thu, 26 Mar 2009 15:17:45 +0000 http://wpbloghost.com/blog/protecting-your-assets/#comment-96 John, Found your excellent article while doing a search on asset protection and seems to be describing exactly what I need.Sure appreciate your time in doing this. I want to hand build and sell old fashion black powder muzzle loading rifles to hobby shooters and historical re-enactors. Obviously firearms are a high risk business, although these are considered non-weapons by the ATF. I was thinking of forming LLC #1 for the manufacture and sale. LLC #2 to lease the machine equipment and building (which is detached in my back yard)to the manufacturing LLC #1.This way LLC #1 has no assets. And doing like the diagram, put my safe assets in a FLP, which will own the two LLC's and our home in a Living Trust. Does this sound correct or am I over doing? What about the machine shop being on my own property? Is this a bad thing? Thank you for your time!, Steve John,
Found your excellent article while doing a search on asset protection and seems to be describing exactly what I need.Sure appreciate your time in doing this.

I want to hand build and sell old fashion black powder muzzle loading rifles to hobby shooters and historical re-enactors. Obviously firearms are a high risk business, although these are considered non-weapons by the ATF.

I was thinking of forming LLC #1 for the manufacture and sale. LLC #2 to lease the machine equipment and building (which is detached in my back yard)to the manufacturing LLC #1.This way LLC #1 has no assets.

And doing like the diagram, put my safe assets in a FLP, which will own the two LLC’s and our home in a Living Trust.

Does this sound correct or am I over doing? What about the machine shop being on my own property? Is this a bad thing?

Thank you for your time!,
Steve

]]> By: John Hoff http://wpbloghost.com/blog/protecting-your-assets/comment-page-1/#comment-66 John Hoff Sat, 14 Feb 2009 23:46:15 +0000 http://wpbloghost.com/blog/protecting-your-assets/#comment-66 Hi Hunter. You can use a business structure, like a LLC, as a holding company. But for your specific question, you might want to consult with a local CPA or tax attorney. Hi Hunter. You can use a business structure, like a LLC, as a holding company. But for your specific question, you might want to consult with a local CPA or tax attorney.

]]> By: Hunter http://wpbloghost.com/blog/protecting-your-assets/comment-page-1/#comment-65 Hunter Sat, 14 Feb 2009 23:40:54 +0000 http://wpbloghost.com/blog/protecting-your-assets/#comment-65 Sorry for got to include above. The business I want to put it under has no assets and no income. The car will be owned free and clear. Sorry for got to include above. The business I want to put it under has no assets and no income. The car will be owned free and clear.

]]> By: Hunter http://wpbloghost.com/blog/protecting-your-assets/comment-page-1/#comment-64 Hunter Sat, 14 Feb 2009 23:30:07 +0000 http://wpbloghost.com/blog/protecting-your-assets/#comment-64 I owe back taxes and am buying a car. I am afraid the IRS will come after my car. Can I put the car in my business name and it be protected? Thank you in advance. I owe back taxes and am buying a car. I am afraid the IRS will come after my car. Can I put the car in my business name and it be protected?

Thank you in advance.

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