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Ready. Set. Incorporate! https://www.readysetincorporate.com/faq-items/will-putting-my-personal-residence-into-an-llc-protect-it-from-my-creditors/ Export date: Tue Apr 16 13:53:20 2024 / +0000 GMT |
Will putting my personal residence into an LLC protect it from my creditors?Sorry, but . . . LOL – no. People do try this, though. The purpose of an LLC 1, and therefore what it ultimately protects, by law, is to protect its owners (Members) 2 from liability for claims made arising out of the operations of the business in the LLC. If a person obtains a judgment against you personally, it's possible that person could eventually find their way to owning your LLC membership interest, and ultimately/possibly the assets in the LLC. It's a long road, but anything can happen if the prize is big enough. |
| Excerpt: Sorry, but . . . LOL – no. People do try this, though. The purpose of an LLC, and therefore what it ultimately protects, by law, is the business that’s operating inside it. Unless you have turned your personal residence into a business (not really a personal residence anymore), then it’s not protectable this way. However, one of the main reasons people put their business into an LLC is to protect their personal assets, like their home. Nice try, though. |
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Post date: 2015-06-15 13:14:41 Post date GMT: 2015-06-15 20:14:41 Post modified date: 2020-09-16 12:33:20 Post modified date GMT: 2020-09-16 19:33:20 |
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