Whether you're considering forming a single-member LLC or have already made one, this book is your easy guide to success
A single-member limited liability company ("SMLLC") is a business entity similar to a limited liability company ("LLC"), except that a SMLLC only has one member. SMLLC'S are popular because they allow a single owner business to be treated like an LLC. Up until fairly recently, there were some states that did not allow LLCs to have only one member. Now, all states and the District of Columbia either allow LLC'S to have one member or permit the formation of a SMLLC.
To form a SMLLC, you submit your articles of incorporation and the required fees to your secretary of state’s office. The process is similar to what's required for LLCs. Check your secretary of state's office to see if there are any additional requirements.
An LLC provides the same protection as a corporation against creditors of the business. However, there is some uncertainty as to whether a SMLLC member will receive the same protection from liability that members of an LLC with multiple members receive. While the law is clear in most states, this is still an evolving issue.
There is one circumstance where a multiple member LLC holds a distinct advantage over a SMLLC. Generally, a creditor of an LLC member can only seek what is known as a "charging order" against the member's interest in the LLC. With a charging order, the creditor cannot directly attach the assets of the LLC but instead receives any payments made from that member's distributional interest.
With single member LLCs, there is some uncertainty as to whether creditors would be limited to a charging order since the rationale for protecting members from other members’ personal debts does not apply if there is only one member. Courts in some states have found that the charging order protection doesn't apply with single member LLCs and have allowed creditors to pursue other remedies, including foreclosing on the member's interest or ordering the LLC dissolved. Other states, like Nevada and Wyoming, have recently changed their laws to make clear that the charging order protection for debtors applies with all LLCs, regardless of whether they are single or multi-member entities. See LLC Assset Protection and Charging Orders: A 50-State Guide for more information on creditors' rights and liability protection with single and multi-member LLCs, including the state law variations.
To see how your state deals with the issue of creditors' rights and SMLLCs, follow the link below:
SMLLCs are also susceptible to "piercing the corporate veil," which occurs when the courts find that the entity and the owner are not really separate and thus the owner is personally responsible for the business’s debts. The easiest way an opposing party can prove this is by demonstrating a lack of adherence to the LLC operating agreement or that the operating agreement is riddled with errors.
When drafting your operating agreement, make sure the terms specifically apply to a single-member entity and not a multiple member entity. Many templates are designed for multi-member LLC's. Such an oversight may allow an opposing party to successfully pierce the corporate veil in litigation. Moreover, many operating agreement templates are full of boilerplate language. With all the legalese, it's easy to overlook what’s being said. Make sure you know what is required before you file the operating agreement with your secretary of state. Otherwise, an opposing party may be able to use this against you in an attempt to pierce the corporate veil.
For tax purposes, if the SMLLC does not opt to be treated like a corporation, it will be taxed like a sole proprietorship. The Internal Revenue Code states that the SMLLC will be treated as a disregarded entity if it is taxed like a sole proprietorship. This means that a SMLLC will be considered a sole proprietorship for tax purposes, but will not lose other benefits associated with being a corporate entity.
If you want your SMLLC to be treated as a corporation for federal tax purposes, you must file IRS Form 8832 with the Internal Revenue Service.
]]>If your goals include protecting your personal assets, structuring your business with flexibility, minimizing your estate and gift tax liability, and ensuring the legacy of your family business, a family limited liability company (family LLC) can prove advantageous. Read on to learn about the benefits of family LLCs, how to form them, and how they can become an essential part of your estate plan. applicable
Before diving in, some context and definitions would be helpful to keep in mind. Family LLCs are limited liability companies (LLCs) owned and operated by members of the same family.
A family LLC is an LLC owned by members of the same family. An LLC is similar to a corporation in that it provides limited liability to its members. Limited liability means the personal assets of members are shielded from lawsuits and debts of the business. (By contrast, unlimited liability means creditors of the business can reach the owners’ personal assets if the business cannot pay its debts or judgments.) If someone sues the LLC, the limited liability protection means you risk only the assets you invested in the business.
Like a partnership, an LLC provides flexibility in structure and management. Members of an LLC can decide whether to manage the business themselves or appoint a non-member manager. Members can also decide how the business will be taxed. LLC members often elect pass-through taxation, meaning the business will not pay income taxes as a separate entity. Instead, the business profits will pass-through to the members who then pay income taxes individually.
To create a family LLC, follow the same process to form an LLC in your state, and include the members of your family who you intend to involve in the business. Once created, transfer your business assets to the LLC, by changing the designated owner of the asset from the business owner to the LLC. An LLC can hold most assets, including real property, bank accounts, vehicles, and other valuable personal property.
Family LLCs offer you significant estate and gift tax advantages. Here are the rules you have to deal with: When you die, your estate (including your business) will be subject to estate taxes of 40% for any amount that exceeds $13.61million (for deaths in 2023—but this number is subject to change). Gifts that exceed $18,000 per recipient per year will likewise be taxed at 40% (married couples can combine their exclusions and give up to $36,000 per recipient, gift tax-free). Gifts that exceed the annual exclusion count as taxable gifts and apply towards the lifetime exemption.
When it comes to minimizing estate and gift taxes for family LLCs, the IRS is your friend. It allows you to discount the value of transfers of interest in a family LLC, up to 40%. The devaluation is legitimate because interest in a family LLC cannot be easily sold to the public (few investors want minority stakes in a family business). By discounting the value of the assets you transfer, you’ll more slowly approach the tax threshold, and can divest yourself of more assets than you could if you had to play by their original value.
To take advantage of the valuation discounts, you can create a family LLC and transfer non-controlling units of it to your children or grandchildren over time. The discounts allow you to maximize the assets transferred free of gift taxes and will reduce the size of your overall estate. As the manager the LLC, you will retain control of the business even while you transfer ownership to your heirs.
To illustrate, a married couple could use a family LLC to transfer assets with a fair market value of $50,000 to their child in a single year without incurring gift taxes. After applying a 40% discount, the value of the family LLC units transferred would amount to $30,000 and remain within the annual gift tax exclusion ($18,000 for each spouse, or $36,000). Without the discount, the gift would exceed the annual exclusion, and $14,000 would be applied to the couple’s lifetime exemptions.
Use a family LLC to keep your family business family-owned. The operating agreement for your family LLC should identify the family members who will take over as managers of the business when you pass away. The operating agreement should also restrict the ability of members to transfer their interests in the business outside of the family. These controls will protect your legacy and ensure your family business remains in the family.
Living trusts avoid probate, a court process to distribute property to a person’s heirs through a will or by law if the person did not have a will. Probate has earned a bad rap, and for good reason in most cases. Probate usually involves legal fees and costs, and it can take from several months to a couple of years to complete. As a court procedure, probate also tends to be public. A living trust, by contrast, distributes assets to beneficiaries privately after a person’s death, and can be accomplished relatively quickly and without great expense.
If you have a living trust, the trust can hold your business to ensure probate is avoided after your death. You will want to confirm that the trust and the LLC’s operating agreement align regarding distribution and appointment of successor managers to avoid confusion and potential litigation.
Consult with an estate and business succession planning attorney in your state to see whether your estate plan could benefit from the use of a family LLC.
]]>The main reason people form LLCs is to avoid personal liability for the debts of a business they own or are involved in. By forming an LLC, only the LLC is liable for the debts and liabilities incurred by the business—not the owners or managers. However, the limited liability provided by an LLC is not perfect and, in some cases, depends on what state your LLC is in.
Before you get started on your business venture, you’ll want to consider the potential liability risks of your business and the protection you’ll get from an LLC. Specifically, you should think about the following liability risks you take on as an LLC owner:
1) personal liability for your LLC’s debts
2) personal liability for actions by LLC co-owners or employees related to the business
3) personal liability for your own actions related to the business, and
4) the LLC’s liability for other members’ personal debts.
In all states, if you form an LLC to operate your business, and don’t personally guarantee or promise to pay its debts, you will ordinarily not be personally liable for the LLC’s debts. Thus, your LLC’s creditors can go after your LLC’s bank accounts and other property, but they can’t touch your personal property, such as your personal bank accounts, home, or car. Many creditors, however, don’t want to be left holding the bag if your business goes under so they will demand that you personally guarantee any business loans, credit cards, or other extensions of credit to your LLC. In that situation, you would be personally liable if your LLC’s assets fall short.
In all states, having an LLC will protect owners from personal liability for any wrongdoing committed by the co-owners or employees of an LLC during the course of business. If the LLC is found liable for the negligence or wrongdoing of its owner or employee, the LLC’s money or property can be taken by creditors to satisfy a judgment against the LLC. But the LLC owners would not be personally liable for that debt. The owner or employee who committed the act might also be personally liable for his or her actions but a co-owner of the LLC who was not involved in the act or wrongdoing would not be.
Example: While making a bread delivery to a local supermarket, Lloyd, an employee of the Acme Bakery, LLC, runs over and kills a brain surgeon in a crosswalk. It turns out Lloyd was driving while drunk. Acme Bakery is sued and found liable for its employee’s negligent actions while on the job. All of Acme’s business property, assets, money, and insurance can be used to pay the judgment awarded to the surgeon’s heirs. Acme LLC’s owners, however, are not personally liable for the LLC’s employee’s actions so their personal assets cannot be taken to pay any judgment against Acme.
There is one extremely significant exception to the limited liability provided by LLCs. This exception exists in all states. If you form an LLC, you will remain personally liable for any wrongdoing you commit during the course of your LLC business. For example, LLC owners can be held personally liable if they:
Thus, forming an LLC will not protect you against personal liability for your own negligence, malpractice, or other personal wrongdoing that you commit related to your business. If both you and your LLC are found liable for an act you commit, then the LLC’s assets and your personal assets could be taken by creditors to satisfy the judgment. This is why LLCs and their owners should always have liability insurance.
Example: Assume that two of the three owners of Acme Bakery LLC (from the example above), knew that their driver was drunk, but let him make deliveries anyway. They can be sued and held personally liable for negligence by the brain surgeon’s heirs.
An LLC’s money or property cannot be taken by creditors of an LLC’s owner to satisfy personal debts against the owner. However, instead of taking property directly, there are other things that creditors of an LLC owner can do to try to collect from someone with an ownership interest in an LLC. What is allowed varies state by state and includes, in order of severity, the following:
None of these actions are good but some are much worse than others. If an LLC interest is foreclosed upon, the foreclosing creditor becomes the permanent owner of all the debtor-member’s financial rights, including the right to receive money from the LLC. If a court orders an LLC dissolved, it will have to cease doing business and sell all of its assets.
State LLC laws vary widely on how many of these steps creditors are allowed to take. All states allow creditors to obtain a charging order against an LLC owner's interest. Many states limit creditors remedies to this first step (obtaining a charging order). Other states allow creditors to foreclose on the owner’s LLC interest or even can order the LLC dissolved to pay off an owner’s debt. For more on charging orders and what personal creditors' of LLC owners can--and can't--do, including the state law variations, see LLC Asset Protection and Charging Orders: An Overview of State Laws.
In some states, it's not clear whether single member LLCs will receive the same liability protection from personal creditors of the LLC owner as multi-member LLCs. The rationale for limiting an LLC member's personal creditor's remedies to a charging order is to protect other LLC members from having to share management of their LLC with an outside creditor. There are no other LLC members to protect in a single member LLC so the rationale for limiting creditors' remedies to a charging order doesn't apply. For this reason, courts in some states have found that single member LLCs are not entitled to the charging order protection and creditors are entitled to pursue other remedies against the LLC member, including foreclosing on the member's interest or ordering the LLC dissolved to pay off the debt.
Form your own limited liability company today with Nolo's comprehensive Online LLC package.
]]>In these tough economic times, many small business owners are scrambling to keep their companies afloat or are closing down. If a corporation or LLC ends up having to shut its doors, the last thing a small business owner wants is to have to pay the business's debts. But when cash is tight and owners aren't careful, if an unpaid creditor sues for payment a court might "pierce the corporate veil" (lift the corporation or LLC's veil of limited liability) and hold the owners personally liable for their company's business debts.
Read on to learn the rules about piercing the corporate veil. (To learn about other ways you can become personally liable for corporate debt, see Nolo's article Are You Personally Liable for Your Business's Debts?)
Corporations and LLCs are legal entities, separate and distinct from the people who create and own them (these people are called corporate shareholders or LLC members). One of the principal advantages of forming a corporation or an LLC is that, because the corporation or LLC is considered a separate entity (unlike partnerships and sole proprietorships), the owners and managers have limited personal liability for the company's debts. This means that the people who own and run the corporation or LLC cannot usually be held personally responsible for the debts of the business. But, in certain situations, courts can ignore the limited liability status of a corporation or LLC and hold its officers, directors, and shareholders or members personally liable for its debts. When this happens, it is called piercing the corporate veil. Closely held corporations and small LLCs are most likely to get their veils pierced (corporations that are owned by one or just a few people are called closely held corporations, or close corporations for short).
If a court pierces a company's corporate veil, the owners, shareholders, or members of a corporation or LLC can be held personally liable for corporate debts. This means creditors can go after the owners' home, bank account, investments, and other assets to satisfy the corporate debt. But courts will impose personal liability only on those individuals who are responsible for the corporation or LLC's wrongful or fraudulent actions; they won't hold innocent parties personally liable for company debts.
Courts might pierce the corporate veil and impose personal liability on officers, directors, shareholders, or members when all of the following are true.
The most common factors that courts consider in determining whether to pierce the corporate veil are:
Some corporations and LLCs are especially vulnerable when these factors are considered, simply because of their size and business practices. Closely held companies are more susceptible to losing limited liability status than large, publicly traded corporations. There are several reasons for this.
Failure to follow corporate formalities. Small corporations are less likely than their larger counterparts to observe corporate formalities, which makes them more vulnerable to a piercing of their corporate veil. To avoid trouble, it's best to play it safe. It's important for small corporations and LLCs to comply with the rules governing formation and maintenance of a corporation, including:
Commingling assets. Small business owners may be more likely than their larger counterparts to commingle their personal assets with those of the corporation or LLC. For example, some small business owners divert corporate assets for their own personal use by writing a check from the company account to make a payment on a personal mortgage -- or by depositing a check made payable to the corporation into the owner's personal bank account. This is called "commingling of assets." To avoid trouble, the corporation should maintain its own bank account and the owner should never use the company account for personal use or deposit checks payable to the company in a personal account.
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]]>Example: John and Meghan operate a website design business together called Acme Design. John, a big spender, owes $38,000 on his personal credit cards. When he doesn’t pay, the accounts are turned over to a collection agency which obtains a $38,000 court judgment against him personally. The collection agency can attempt to collect on the debt from John’s personal assets, such as his personal bank accounts and real estate. But can it take money or property owned by Acme Design, such as the money held in Acme's own bank account?
If Acme is a corporation, John’s personal creditors cannot directly take over ownership of the corporation’s assets, such as its bank accounts, to pay off a judgment against him. However, they can obtain ownership of John’s stock in the corporation. In this event, they step into John’s shoes and become co-owners of the incorporated business. They'll be entitled to John's share of the corporation's profits and to participate in the corporation's management. If they obtain ownership of 51% of more of the corporate stock, they can have the corporation liquidated and its assets sold to pay off John's debt.
If Acme is an LLC instead of a corporation, things will work out differently for John and his creditors. Just as with corporations, an LLC’s money or property cannot be taken by personal creditors of the LLC’s owners to satisfy personal debts against the owner. However, unlike with corporations, the personal creditors of LLC owners cannot obtain full ownership of an owner-debtor's membership interest. Instead, all states as part of their uniform LLC laws have adopted provisions limiting what action creditors can take against LLC owner/members for their personal debts. As a result, LLC owners in most states are never at risk of having another LLC member’s creditor step into the shoes of an LLC debtor/member and share in the management and control of the LLC.
In all states, personal creditors of an LLC owner/member are limited to one or more of the following remedies:
In a majority of states, obtaining a charging order is a creditor’s exclusive remedy. These states are the most debtor friendly; they provide the greatest protection for LLC owners against personal creditors. This protection extends to both the debtor/LLC member and any co-owners who would otherwise be at risk of having creditors take more aggressive action against the LLC, including possibly forcing a dissolution of their LLC.
Others states simply state that a charging order is an allowed remedy for creditors and also allow foreclosure or are silent as to what other remedies a creditor could pursue. Some states, by statute or caselaw, have special rules for SMLLCs. What liability protection you get with an LLC is an important issue that LLC owners and members should understand—particularly since the rules can vary state to state.
All states permit personal creditors of an LLC owner to obtain a charging order against the debtor-owner’s membership interest. In about two-thirds of the states, the charging order is the exclusive (only) legal remedy personal creditors of LLC members have.
A charging order is an order issued by a court directing an LLC’s manager to pay to the debtor-owner’s personal creditor any distributions of income or profits that would otherwise be distributed to the debtor-member.
However, in most states, creditors with a charging order only obtain the owner-debtor’s financial rights and cannot participate in management of the LLC. Thus, the creditor cannot order the LLC to make a distribution subject to its charging order. Frequently, creditors who obtain charging orders end up with nothing because they can’t order the LLC to make any distributions.
Example: The collection agency obtains a charging order from a court ordering the Acme LLC to pay to it any distributions of money or property the LLC would ordinarily make to John until the entire $38,000 judgment is paid. However, if there are no distributions, there will be no payments.
Although a charging order is often a weak remedy for a creditor, it is not necessarily toothless. The existence of a charging order can make it difficult or impossible for an LLC owner/debtor or the other owners (if any) to take money out of an LLC business without having to pay the judgment creditor first.
In about one-third of the states, a creditor who obtains a charging order but is not paid by the LLC can have the court order that the debtor-owner’s LLC membership interest be foreclosed upon. If this occurs, the creditor becomes the permanent owner of all the debtor-member’s financial rights, including the right to receive money from the LLC. However, the creditor cannot participate in the management of the LLC. Thus, it can’t force the LLC to pay money to it or anyone else.
Before any such foreclosure occurred, it’s likely that the LLC and its members would settle the debt with the creditor. A creditor’s ability to foreclose upon an LLC membership interest puts LLC owners’ personal creditors in a stronger bargaining position than they have under the LLC laws of states that don't permit LLC foreclosures.
Example: The collection agency's charging order against John's LLC interest proves useless because the LLC doesn’t make any distributions. So the agency obtains a court order for the foreclosure on John’s interest in the LLC. To avoid this, the LLC settles John’s personal debt with the agency for $30,000.
A handful of states permit personal creditors of LLC owners to obtain a court order that the LLC be dissolved. In this event, the LLC would have to cease doing business and sell all of its assets. This is the most extreme remedy allowed for personal creditors of LLC owners.
The reason personal creditors of individual LLC owners are limited to a charging order or foreclosure is to protect the other members (owners) of the LLC. It doesn’t seem fair that they should suffer because a member incurred personal debts that had nothing to do with their LLC. Thus, personal creditors are not permitted to take over the debtor-member’s LLC interest and join in the management of the LLC or have the LLC dissolved and its assets sold without the other members’ consent. However, this rationale disappears when the LLC has only a single member (owner) because there are no other LLC owner/members to protect. Because of this difference with SMLLCs, some courts have applied different rules for SMLLC protection from creditors and in many states it remains unclear what type of protection they would receive.
Courts in a few states have found that the charging order protection that exists for LLCs does not apply with SMLLs because there are no co-owners to protect. These cases created a great deal of uncertainty in other states with similar charging order protection laws. In response, several states amended their LLC laws to make it clear that SMLLCs are entitled to the same protection from creditors as multi-member LLCs. These include Delaware, Nevada, and Wyoming—states that want to encourage businesses to form entities in their jurisdictions because they can earn money from the fees they charge and because they want to be considered business friendly. Their laws now specifically state that charging orders are the exclusive remedy for creditors of both multi- and single-member LLCs.
A few states, including Florida and New Hampshire, have gone the other way and changed their LLC laws to make it clear that a charging order is not the only remedy that can be used against an SMLLC. In these states, the SMLLC does not provide nearly as much liability protection as a multi-member LLC. Many states have still not addressed this issue either in the courts or by adopting laws specifically addressing SMLLC protection, so in those states it is unclear what type of protection an SMLLC would provide against an owner’s personal creditors.
If an LCC owner files for personal bankruptcy, all bets are off. The federal bankruptcy law says nothing about how LLCs should be treated. As a result, the bankruptcy courts are in the process of making up the rules as they go along. Several bankruptcy courts have held that when the owner of a SMLLC files for Chapter 7 bankruptcy the trustee appointed by the bankruptcy court becomes a substituted member of the LLC and can exercise all the owner's rights. This includes the right to manage the LLC and sell its assets (such as real estate) to pay off creditors. The protection afforded by the LLC form can simply be ignored by the bankruptcy court where there is only one LLC owner. It's possible that other bankruptcy courts would reach a different conclusion, but no one knows for sure.
It is also possible that the ownership interest of a member of a multi-member LLC could be taken over by a bankruptcy trustee. This is a rapidly evolving and unclear area of the law.
A simple way to avoid the potential creditor and bankruptcy problems with SMLLCs is not to have one. Instead, make sure your LLC has at least two members. The second member could be your spouse or another relative. However, the spouse, relative, or any other second member must be a legitimate co-owner of the LLC. If the second person is a member only on paper, it's likely that a court would disregard his or her interest and find that you have a single-member LLC. To avoid this, the co-owner must pay fair market value for the interest acquired and otherwise be treated as a "real" LLC member—that is, receive financial statements, participate in decision making, and receive a share of the LLC profits equal to the membership percentage owned.
You do not have to form your LLC in your home state, even if it is the state where you live or do business. Thus, if your home state’s LLC law does not provide all the protection from creditors you would like, you could form your LLC in a more debtor-friendly state. For example, even though your business is in California, you could form an LLC in Nevada because it has a very debtor-friendly LLC law. As a general rule, the formation state’s LLC law will govern your LLC. Thus, forming an LLC in a state with a favorable LLC law could provide you with more limited liability. However, doing so will increase your costs because you’ll have to pay the fees to form your LLC in the other state plus the fees to register to do business in your home state.
So should you shop around for the state that provides the most limited liability to LLC owners? If limiting liability is extremely important to you, you may want to form your LLC in a state like Nevada, Delaware, or Wyoming that has very debtor-friendly LLC laws. But there is no guarantee that courts in your home state or courts in other states will always apply the law of the state where you formed your LLC, rather than the less favorable LLC law of your home state. This is a complex legal issue with no definitive answer. Consult an experienced business lawyer for more information.
It's very important for all LLC owners to draft and implement an operating agreement that takes into account the impact of a member filing bankruptcy or having a court judgment entered against him or her. For example, the LLC members may wish to include a provision in their operating agreement allowing for the expulsion of any member who files for bankruptcy; or allowing them to purchase the interest of any member who becomes subject to a charging order. A comprehensive operating agreement is particularly important for multi-member LLCs, since disputes may develop among the members.
]]>(To learn more about LLCs and corporations, see Nolo's Business, LLCs & Corporations Center.)
When you form a corporation or an LLC it becomes a separate legal entity apart from its owners. This means that the business itself can own assets, enter into contracts, and is liable for its own debts.
If the corporation or LLC cannot pay its debts, creditors can normally only go after the assets owned by the company and not the personal assets of the owners. However, the business owner can also be held responsible for corporate or LLC debts in certain situations. Below, we discuss how this can happen.
If you cosign on a business loan, you are as equally responsible as the corporation or LLC to pay it back. This is usually the simplest way to voluntarily make yourself liable for your company’s debts. Similarly, if you personally guarantee an obligation of the corporation or LLC then the creditor can come after your personal assets if the business defaults on the loan.
If you have a new company or your company does not have many assets, a creditor may require you to provide some sort of collateral before approving the loan. If you agree to pledge your house or other personal assets as collateral for the business loan, the creditor may be able to take your property and sell it to satisfy the obligations of the company.
Above we discussed the ways you can voluntarily make yourself personally liable for a corporate or LLC debt. However, a creditor can also try to go after your personal assets by eliminating the limited liability protection provided by the corporation or LLC. This is commonly referred to as piercing the corporate veil.
The corporate veil is usually pierced if the creditor can show that the corporation or LLC was a shell created only to provide liability protection for its owners or the company was practically inseparable from or an alter ego of its owners.
Courts will be more likely to pierce the corporate veil if:
(To learn more, see Piercing the Corporate Veil: When LLCs and Corporations May Be at Risk.)
A corporation or LLC’s owners may also be held personally liable if they are found to have committed fraud. If the owner made fraudulent representations or omissions when applying for a business loan, he or she can be held personally responsible for the resulting harm to the creditor and risk losing personal assets. Alternatively, if a corporation or LLC was created to further a fraudulent cause or business, a court can pierce the corporate veil to get to the owners as well.
]]>As an LLC owner, here are several potential options to consider that will help lessen the risks to your personal assets from your LLC's business activities.
There is no surefire method to protect all of your personal assets as an LLC owner. It makes sense to consult early on with a tax and legal professional to help you assess your individual situation and fully navigate applicable laws when developing your asset protection strategies.
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