Anonymity is often a big part of LLC asset protection strategy. Some states enable it while others do not. What is important to know is that you can file in an anonymous state and then blow your cover. To keep your LLC anonymous, you can take the following steps: Anonymous State Choose a state that allows anonymous LLCs. Only four st... CONTINUE READING
The most popular question from anyone who wants to form an LLC is, what is the best state to form the LLC. So many people talk about the three good states, Delaware, Wyoming and Nevada. Like so much else, there is lots of talk and lots of hype, but mostly with little basis. A basic understanding of how LLCs work will reveal the myth behind all the talk, and when it actually comes into play.... CONTINUE READING
LLCs were specifically created for small businesses to be able to receive asset protection like big corporations, but without all the overhead and compliance. The way it works is that the LLC is a legal invention that separates an owner from their business. In order to get your protection you must follow the rules. If you do not, your LLC will be viewed as a facade and you may be held personally liable.... CONTINUE READING
An LLC takes on a life of its own, separate from any human being. The heartbeat that gives the LLC its life is the purpose clause. Most Operating Agreement templates will draft this purpose clause in the broadest way possible with language that says, "The purpose of the Limited Liability Company is to engage in any lawful activity for which a Lim... CONTINUE READING
A Limited Liability Company (LLC) is a cross between a Corporation and Sole Proprietorship. It has the benefits of each. There are currently over 30 million in the United States with over 5 million new LLCs formed each year and growing steadily. The concept was first adopted by Wyoming in 1977 and by 1992 all Fifty States had adopted the LLC as a legal entity. The uniqueness of an LLC manifests itself in three ways.... CONTINUE READING
Anonymity is often a big part of LLC asset protection strategy. Some states enable it while others do not. What is important to know is that you can file in an anonymous state and then blow your cover. To keep your LLC anonymo...