protection with a single member LLC - Posted by Chris

Posted by Laura Fawcett on November 18, 2004 at 22:22:01:

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protection with a single member LLC - Posted by Chris

Posted by Chris on June 22, 2004 at 15:51:49:

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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If builders built buildings the way programmers wrote programs,
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Re: protection with a single member LLC - Posted by William Bronchick

Posted by William Bronchick on June 25, 2004 at 09:28:07:

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.