We often receive interesting questions from our students. We received permission to publish this one as a Blog since it might be of interest to many of you visiting our site.
Comment:
Thank you for your help. I hope learning all this is not “too little too late”.
Q. You said an LLC should be the manager of the rental properties. What exactly does that mean? Does it mean I establish an LLC and put my properties into it or do I establish ...
Continue Reading →By Lee R. Phillips
I sent out an email a couple weeks ago about the Florida Supreme Court setting aside the “charging order” protection an LLC is supposed to offer. I now apparently have a lot of students that have “sliced their wrists” and are bleeding to death. (I faint at the sight of blood – not really – but please don’t do the wrist thing.)
Take a deep breath and step back from the edge.
The “charging order protection” protects the assets ...
Continue Reading →By Lee R. Phillips
The hot shot speakers and the hot shot lawyers go through elaborate plans where one trust owns the corporation or LLC and then that company owns another trust. One of the favorite structures is for a corporation to be the general partner of a limited partnership, thus making it so you’re not personally liable as the general partner. I have seen many structures where a corporation is the owner of all of the person’s LLCs.
All of ...
Continue Reading →