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What else can I help you with?
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.
What are you liable for by marrying someone who is involved in an llc?
By marrying someone involved in an LLC, you may be liable for debts or obligations incurred by the LLC, depending on your state's laws and whether you live in a community property state. While your personal assets are generally protected, any income or profits from the LLC could be considered marital property. It's essential to consult a legal professional to understand the full implications based on your specific situation and jurisdiction.
Can I sell my rental property to my LLC?
Yes, you can sell your rental property to your LLC.
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.
Does transferring your house to an LLC make it judgment proof?
Transferring your house to a Limited Liability Company (LLC) can provide some protection from personal creditors, but it does not make the property entirely judgment-proof. While the LLC can shield personal assets from business liabilities, creditors may still pursue the LLC's assets, including the house, if they win a judgment against the LLC. Additionally, transferring property to an LLC may trigger tax consequences and affect mortgage agreements, so it's essential to consult with a legal or financial advisor before making such a decision.
How can personal debt be transferred to an LLC?
Personal debt can be transferred to an LLC by having the LLC assume the debt through a formal agreement or by using the LLC's assets to pay off the personal debt.
Can the IRS come after an LLC for personal taxes?
Yes, the IRS can come after an LLC for personal taxes if the LLC is a pass-through entity and the owners have not paid their personal taxes.
Can a LLC buy property in California?
Yes, an LLC or Limited Liability Company may hold entities such as property.
Is LLC credit separate from personal credit?
Yes, LLC credit is typically separate from personal credit. This means that the credit history and score of the LLC (Limited Liability Company) is distinct from the personal credit history and score of the individual owners of the LLC.
Does my LLC have a credit score?
Yes, your LLC can have a credit score separate from your personal credit score. This score is based on the financial history and creditworthiness of your LLC, not your personal finances.
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.
