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by blackflame7000
2652 days ago
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The house owned by the LLC does not have to be in the same state as where the LLC is filed. You can file the LLC in a state that has laws friendly to what you are trying to accomplish. Furthermore, services like LegalZoom make the costs negligible to the asset they are protecting especially since it doesn't make any money. There are much more conventional albeit expensive alternatives like umbrella insurance but that doesn't change the fact that the fear of a lawsuit doesn't have to be so scary. I mean that's what many companies are banking on because the only people that really win in litigation is the lawyers. |
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It doesn't, but in many states to own real property, just as to transactions business, you'll have to register your foreign LLC as a foreign LLC, which often involves paying a foreign LLC fee equivalent to the franchise fee you'd have to pay for a local LLC in the same state.
Also, bankruptcy (which a judgement you can't satisfy without the “protected” asset could force you into) will bypass he protection, so basically this doesn't do much protect your assets if you actually need it to (that is, if you can't satisfy the judgement without the “protected” assets.)