Would the $100k be at risk? - Posted by Rich

Posted by Laure on July 08, 2000 at 23:46:19:

Look into Bill Bronchick’s Asset Protection material. Well worth the money. You can also ask him questions on his website www.legalwiz.com

Laure :slight_smile:

Would the $100k be at risk? - Posted by Rich

Posted by Rich on July 08, 2000 at 19:02:42:

I have a FLP that contains 1 commercial property. The general partner has 1% and is a LLC with my wife and I as members. My wife and I also are the limited partners with the remaining 99%.

The property has $100k in equity. I know I am protected from outside creditors. What would happen if a liability was generated at the commercial property that wasn"t covered by my liability insurance?

Would my equity be at risk? If so, what could be done to protect it?