Posted by Laura Fawcett on November 18, 2004 at 22:22:01:
Nothing astonishes men so much as common sense and plain dealing.
– Ralph Waldo Emerson
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“Pity I don’t have any more bullets,” thought Frito.
– Bored_of_the_Rings, a Harvard Lampoon parody of Tolkein
I heard that there is no advantage, in terms of asset protection, of owning rental properties in a single member LLC over owning them in my personal name. Is this true? If so, then what is the point/purpose of a single member LLC?
Re: protection with a single member LLC - Posted by Joey Manecke
Posted by Joey Manecke on November 18, 2004 at 21:50:37:
Gold’s Law:
If the shoe fits, it’s ugly.
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– Larry Wall in
buy generic viagra order generic viagra onlineWeinberg’s Second Law:
If builders built buildings the way programmers wrote programs,
then the first woodpecker that came along would destroy civilization.
Not true. An LLC gives you protection from personal liability. One Colorado Bankruptcy decision ruled that Colorado law cannot prevent a creditor from seizing and selling a single member’s interest (the “charging order” limitation available in multiple-member LLCs and partnerships). This decision is not binding on other districts, but other courts may likely follow. Still, a single member LLC is better than a sole proprietorship.
SMLLC’s are very good IN CONJUNCTION with other methods, such as having several “one asset” LLCs, having them all owned by a common multiple-member LLC or FLP.