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Can a LLc protect personal dept?we have (3) propertys in a LLC can that be protected?

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βˆ™ 2008-04-01 02:35:59
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Q: Can personal property be placed and protected IN an LLC?
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Can a non wage garnishment be placed on a llc?

Yes it can. If the creditor files a wage garnishment to a protected LLC and that LLC fails to respond or respond properly, a court can and will hold the LLC jointly and severally liable for the entire debt owed to the creditor.

How does a limited liability company differ from a partnership?

The personal assets of the members of an LLC are protected in case there is a lawsuit against the company.

What does the LLC Corporation do?

"An LLC Corporation is often used by small business owners to protect them from monetary liability. When you set up an LLC Corp. your personal property, i.e., house, car and other personal assets are off limits from being included in a lawsuit against your business."

How can one protect their assets through incorporate LLC?

When one incorporates their business they are forming a LLC, a limited liability corporation. By doing this, a business owners personal assets are protected from business debts or obligations.

Can a LLC buy property in California?

Yes, an LLC or Limited Liability Company may hold entities such as property.

Can you file a business llc and personal taxes separately?

Do I have to file personal taxes if I own a small LLC? Or just file business taxes.

What are the pros n cons in holding property in a llc versus holding a property in a trust?

The best way to do this is to form an LLC with the trust as the sole member of the LLC, this creates a layer of liability protection for the trust.

How does an llc effect personal taxes?

Income from an LLC goes directly to pay an individuals personal taxes. This is because there is no K-1 form associated with it.

What are the benefits of an llc incorporation?

There are many benefits of an LLC incorporation. Examples of benefits of an LLC corporation include protected assets, pass-through taxation, and limited compliance requirements.

Who owns the property of a llc?

A Limited Liability Company is a form of business that combines elements of both corporate structure and partnerships. It owns property like a company in the name of the LLC. Generally, an LLC owns real property that generates profits such as apartments, shopping malls or businesses. The owners are called members and each owns a share in the profits. Purchasers of property owned by an LLC will require a Certificate that confirms the legal existence of the LLC and a Certificate that identifies the member who is authorized to sign deeds.LLCs are treated differently under various state laws. Each member's interest in the LLC is considered to be personal property. States give creditors various rights. In some states a judgment creditor can step into the shoes of a member and take their share of the profits. Some states allow a forced sale of the LLC property to satisfy a debt.Your state laws should be carefully reviewed to determine the rules that govern LLCs.

Do you have personal liability with an LLC?

Generally, the members and managers of a limited liability company have no personal liability for the obligations incurred by the LLC. For example, if the LLC buys goods or services on credit and goes out of business, the members are not obligated to pay the creditors. There are many many ways, however, that personal liability can arise out of a person's participation in an LLC. Some of these include: * The person's own negligence, fraud or illegal act * Personal guarantees * "Piercing the veil" of the LLC

Can your assets under your LLC be protected from your personal credit card debts?

Probably. Assuming it was a legitimate transaction done before any legal action was taken by creditors. If a creditor had already filed a suit, it might be seen as a fraudulent conveyance and LLC protection would be voided.

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