Ricky, I can only speak for the way I do it right now. There are others that post here that know a heck of a lot more about this than me.
I have an “S” Corp that allows profits and losses to flow through to me. This was great the first couple years but now that there are more profits than losses I may need to re-think that. I put each mobile that I “Lonnie” in a Personal Property Trust a la Bronchick with an out of state trustee and the S Corp as the beneficiary (since my state lists the beneficiaries on the title and I want to stay out of the public records I have been advised in the future to make the beneficiary of the trust …ANOTHER TRUST! Still working on that.
My longer term plan is to set up a Nevada LLC to sell the notes to (at a price that is verified by getting quotes from others) to hopefully reduce taxes etc.
Whatever you do I think it’s prudent to set up at least one layer of asset protection between you and potential litigants and to separate assets where possible to prevent a domino effect if someone wins a suit against you.
Just my thoughts, Lyal
corp. LLC, trust or what - Posted by rickyd roland
Posted by rickyd roland on July 09, 2001 at 20:55:39:
iv done several lonnie deals in the last 3 months, now i think its time to make a decision on how to run my business,whats the best way to do this do i need to form a corp.set up a trust, LLC,etc… please help,
Rickyd Roland
Re: corp. LLC, trust or what - Posted by Jacque - WA
Posted by Jacque - WA on July 10, 2001 at 10:54:59:
There are many variables and differences of opinions on this subject. I would recommend Ernest Tew’s, “How to Protect Your Assets”.
I just got it about a month ago and it really does a good job of explaining the differences within the different business structures and helping you decide how best to run your business structure. I believe this one out now is even a newer more up to date version.
While it is interesting to hear how and why someone chose a specific business structure, I would suggest that instead of basing it on how someone else is doing it you need to do the research and find out how best to do it for you and your inidividual situation. This way you know you’ve made the right decision.