Do I want / need an LLC ?

[MNJason]

I assume many business owners and individuals on here have LLCs. I was thinking today of learning more about them. I have no business, just assets that I would like to better protect.

I realize some of the advantages but don't see any downside other than creation costs and maybe more complex taxes.

Can anyone share their wisdom with me on these? Thanks!

 

[HHGT]

Wealth of information here to start - under Learning Center
http://www.bizfilings.com/?vendorid=B737&KWD=bizfillings

Highly recommend a CPA/Asset Protection Firm knowledgeable of your State

 

[Kayvan]

You need sophisticated insurance, a rock solid layer of high limit insurance policies.

Not the state farm / allstate variety; put 'private client' type Coverage usually sold by Chubb, firemens fund, etc

If u don't own business, u just need protection from liability or claims against you


Basically, think worst case catastrophic losses: neighbors kid dies in ur pool, personl disabled in your rental property, frivolous employment claim by staff

Most have generic 1 million, $3-5million umbrella policy v. Sophisticated $10-20-50 million covers with attachment points to escallating coverage and reinsurance for everything from vehicles to boats, planes, equine, to kidnap & ransom.

Ask your private bank or attorney for a referral.

 

[6s219]

You may find this link very helpful:
http://assets101.com/articles1/llcsvsother

I assume many business owners and individuals on here have LLCs. I was thinking today of learning more about them. I have no business, just assets that I would like to better protect.

I realize some of the advantages but don't see any downside other than creation costs and maybe more complex taxes.

Can anyone share their wisdom with me on these? Thanks!