Limited Liability Companies (LLCs) provide an easy opportunity to protect investment assets such as real estate, equipment, rental properties, and other assets held for business or investment. Although some may try and stretch the asset protection benefits to personally used assets such as residence and vehicles, these arrangements are very vulnerable to being set aside by a Court (i.e., not effective).
- Separate tax return will be required if 2 or more members/owners.
- Proper formality is required to preserve asset protection benefits (separate books/records/bank account, proper documentation, and no commingling of with personal funds/assets.
Many find it tempting to do-it-yourself directly with Secretary of State; however, you only have a shell of an entity unless you also have an Operating Agreement drafted for the entity. Note, for personal service companies, an S-corporation is generally the preferred entity.
Bryson Law Firm, P.C., Suwanee, Georgia. Attorney Richard Bryson has over 20 years of experience with investment entities, elder law, estate planning, probate, wills and trusts, tax planning, tax dispute resolution, asset protection, personal injury, business formation and governance, real estate transactions, and Medicaid and VA planning. Contact our Gwinnett County law firm at 404-909-8842 or firstname.lastname@example.org.