If I purchase a home under a LLC will it be protected from personal lawsuits? - designer garbage cans
I'm buying a graphic designer looking for my first house and created a studio. Last year I witnessed 3 people who have been persecuted unjustly. Pull on the property, someone from behind to beat () is no longer the fashion. These people do not earn their living doing this shit. If I my house / studio, LLC to protect myself against this kind of ridiculous allegations? How do I protect my property? Thanks for your answer.
Saturday, January 9, 2010
Designer Garbage Cans If I Purchase A Home Under A LLC Will It Be Protected From Personal Lawsuits?
3 comments:
Very likely. LLC (Limited Liability Corporation)
The point of an LLC is to separate his personal property of the company. If the house is an asset of the LLC, it is open to accession by a sentence of a business suit. If the house of his personal property, file an action against the LLC may go after your personal property. If it under the LLC, and you are personally in court, company property can not be attached if the applicant satisfies the court to pierce the corporate veil.
LLC, are intended to protect members from personal liability. In rare cases, the plaintiff in May, "Pierce the corporate veil may be, but this tends to happen when the LLC and the individual" merge ". For example, if someone uses a corporate account to pay personal expenses, is easily penetrate the corporate veil. If the Secretary of State declarations are not common, so it is easier to penetrate the enterprise veil. If strict business procedures are not followed, it is easier to break through the corporate veil.
No, it will not. You need only get an attachment order against the LLC, and is fairly easy to pierce the corporate veil. And you get a decision against you and your LLC. Even if it is against the LLC, then expemptions house, everything is what you need is an execution order and enjoy the auction. Atleast if you buy a house in person, have submitted requests for exemption. I think he meant the opposite. If the LLC is sued, then nobody can not go after personal property, except to obscure the piece of the company.
EDIT:
Sunshine, which worked out very well what he wanted to express. Thumbs up! However, I must correct you on the costume and staff LLC. Capacity of court decisions allowing a creditor to take control, the interests of the people in the LLC. Because interest is an advantage. If the lender decides that it is better to sell the house for the good of society. And if a single member LLC, so technically the lender may sell your house to pay the verdict.
But when would be a personal thing and it is a huge amount, I would try to Chapter 7 cases and getting high file.
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