What Happens in Nevada.Pub

LLC Wizard Maximizing Your LLC’s Money Making and Asset Protection Potential

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From the Declaration of Principles jointly adopted by a Committee of the American Bar Association and a Committee of Publishers and Associates. READ ME NOW LLC Wizard UPDATE Page April 2012

Thanks for getting the LLC Wizard course. It is the most comprehensive Do-It- Yourself LLC course available.

Would you believe Congress has changed a couple of things since the LLC Wizard was produced? No surprise there! We pay Congress to change our laws. There are two important update issues that need to be addressed. 1. The change in IRS filings to tax your LLC as a Subchapter S corporation. 2. Attacks on single member LLCs.

1. IRS filing requirements to have your LLC taxed under the rules of Subchapter S of the IRS Code have changed. (It will be taxed like an S corporation.)

You will note in the LLC Wizard that the process is described as first filing IRS Form 8832, which told the IRS you wanted them to recognize your LLC as a corporation for tax purposes. You first filled out 8832 and sent it in. Then a little later you sent in IRS Form 2553, which told the IRS that you wanted your LLC taxed as an S corporation.

A thinking person would say, why not just file the 2553, and it should be obvious that the IRS would consider your LLC as a company that you wanted taxed as a corporation plus you wanted to use Subchapter S of the IRS Code and have your LLC taxed like a Subchapter S corporation.

Well, the IRS has finally simplified the process. Now you just need to file the 2253 and your LLC will be taxed under the corporation Subchapter S provisions. So, when you listen to the instructions, just know you don’t need to file the 8832 if you want a Subchapter S corporation taxing status.

Note that you will still file 8832 if you want your LLC taxed like a C corporation.

2. Single Member LLCs Are Under Attack

When you listen to the audio CDs and get a little of the history associated with LLCs, you will understand the attack on single member LLCs a little better. The attack only affects the charging order protection afforded the LLC when one of the members gets in personal trouble. It is not an attack on the “corporate shield” protection an LLC gives the members of the LLC against liabilities which occur in the LLC itself.

The Olmstead case (Supreme Court of Florida, No. SC08-1009 Olmstead vs. Federal Trade Commission, June 24, 2010) removed charging order protection for single member LLCs in Florida. The charging order protection for single member LLCs has been eliminated by state law in Utah, and the courts in Colorado have placed single member LLC charging order protection in question for people in Colorado.

It appears that the trend is to remove charging order protection (not corporate shield protection) for single member LLCs. Therefore, you should probably establish your LLC with two or more members. If that isn’t convenient and you’re not in one of the three mentioned states, a single member LLC will still give you maximum protection, both corporate shield and charging order protection.

Note that if you live in a community property state, your spouse can’t be the “other member.” You and your spouse are considered one “entity” under the law.

Your membership interest should be owned by your revocable living trust, so your family won’t have to probate the company after you die. You and the revocable living trust are considered one entity, so don’t try and have your trust be one member and you be the other member.

Whoever your “other member” is, their interest should be owned in their revocable living trust, so that you don’t have to probate their interest after they die.

The Future

Your LLC will be your most important tax shelter. As taxes go up, the best way to control your “adjusted gross income” is to know how to use your LLC as a well oiled tax planning tool. For more information, get my “Ten Tax Tips” for free at legalees.com/taxtips.

With the entitlement attitude that is being promoted in the United States today, the asset protection and tax planning capabilities of your LLC may mean the difference between success and failure, between survival and destruction. It is important. Use it well.

If you have any questions, give me a call me.

To Your Success,

DOCUMENTS

Flexible Asset Protection LLC Business Matrix Legal Structure Questionnaire What Happens in Nevada Probably Shouldn’t Series LLC States Preview of Upcoming Courses

AUDIO TRACKS

Track 1 Introduction to LLCs Partnerships Entities Limited Partnerships Corporations C or S Advantages of Entities Business Considerations Business Cards Management Continuation of Life Liability Shields Employees Respondeat Superior (Let the Master Answer) Tax Introduction

Track 2 Picking Your Entity Structure—Advantages and Disadvantages Sole proprietorships Partnerships C Corporations S Corporations

Track 3 LLC--Choice of Corporate Elements 1. Central Management 2. Limited Liability

1-1 3. Continuity of Life 4. Transferability

Track 4 Changing an Existing Company to an LLC Which State to LLC in Series LLC Introduction Registered Agents Using Nevada LLCs

Track 5 Nevada LLC Corporations Nevada Privacy Laws Bearer Stock

Track 6 Costs – Do It Yourself Understanding Liability Shielding The Wall Concept of Liability Shielding Summary

1-2 The Flexible Asset Protection LLC

Limited Liability Companies (LLCs) are probably the most flexible asset protection entity we have today. They actually give you a lot better asset protection than a corporation. They give you accounting options a corporation doesn’t even approach. The LLC is a lot easier to maintain than a corporation. Why use a corporation? Well, there are reasons, but your first thought when you think business entity should be “LLC.” This course will concentrate on the LLC and all of the neat things it can do for you. Yes, we’ll discuss the disadvantages, as well as the advantages, because you need to know the whole truth about any legal structure you use.

Unfortunately, the LLC is being used just like almost every other legal structure your attorney sets you up with. The key words in the sentence are “sets you up,” because that is usually exactly what your attorney does for you. He “sets you up.” One of the associates in our firm was with us for about 4 years and did such good work that the big high flying firm in town made him an offer he couldn’t refuse. He was with them for three years and had an impeccable record with them. They “let him go” a couple of weeks ago, and he is back. We wanted him back.

Seems he had done more work, billed more hours and won more cases than any other associate had ever done in the over 100 year history of the firm. He got in trouble, because the principal partner had transferred the firm’s “plumb” case to this associate. The handoff was done with great care, and the plan was to pay the associate his normal wage and bill him out at the $300 per hour rate the firm had been billing at for years. The case had been going forward for ten years. The firm had consistently billed between $10,000 and $20,000 per month. The associate was told that the case would go on for at least another ten years, because it was an impossible case to ever prove. The associate waded into the case and within two months had totally won the case for his client. He totally proved the client’s case, and it was over. The firm “let the associate go,” because he “didn’t fit into the long term philosophy of the firm.”

I know you find it hard to believe that your lawyer could be slipping a noose around your neck and planning on strangling you over a good long period. The LLC is a great bait to lure you into the trap with. You’ll get the papers, for a good price, and when you sign the papers, your attorney will kiss you on both cheeks and usher you out the door with your papers in hand. Now what do you do?

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Many people call me about their LLC. I start asking them questions. “How is the LLC taxed?” They have no clue. “Why did you set up your LLC and have it taxed as a C corporation?” They have no clue. “When you put your rental unit into the LLC, did you get more membership interests back in return?” They have no clue. “Have you actually issued a membership interest certificate?” They have no clue. “Is it a member managed or a manager managed LLC?” They have no clue.

Obviously, if nobody has a clue what’s going on, the LLC is going to have legal troubles sometime in the future. Will it protect the managers? The members? You? Of course it won’t. Then it’s back to the attorney and the trap closes. Your attorney will assure you that he or she can fight them off for years and protect you. You’ll fit in perfectly with the long term philosophy of the firm. You’re a keeper!!

This course will walk you through step by step how to set up your own LLC; how to get your tax ID number; how to make the LLC taxed as a corporation (C or S); how to issue the certificates of membership; how to add another member; how to know if you want a single member LLC or a multiple member LLC; how to get money out of the LLC with a minimal tax burden. This course is going to show you a ton of other things you need to do to make your LLC give you the asset protection and the tax protection you can enjoy.

The articles of organization are the foundation for your LLC. You’ll be taught how to file them with the state. Which state do you want to form your LLC in? Nevada, Delaware, Colorado, and a number of other states are all advertising, “Do your LLC in our state. It’s the Best State Ever!” Yeah, sure. You’ll save a ton of money if you really know where you want to establish your LLC and are not just swayed by the BS you get at the seminars, webinars, advertising pieces, and worse yet, your buddy’s suggestion. This course will give you the ammunition you need to make your decision with a precision shot, not a shot gun.

The operating agreement is the heart of your LLC. No, it isn’t just a formality you put your name on and throw in the file cabinet. If you do it right, the operating agreement will give you asset protection – a lot more asset protection than you envision. It controls how money is paid out of the LLC, what the tax consequences are, what happens when you or another member of the LLC dies, and a dozen other issues that may not be on the top of your mind today, but will be very important during the life of your LLC.

1-4 The LLC will protect you (if it is done properly and maintained properly) from the attacks that come because you are doing “business” through your LLC. BUT, it will also protect your business ownership from attacks that come in your personal life. You may have an accident out on the street, the neighbor kid may break his neck on your trampoline, or you may face a personal bankruptcy. A corporation won’t protect your business assets from a “personal attack,” but your LLC will give you excellent asset protection. An LLC is what is called a charging order protected entity (COPE). In this course you are going to learn how to use charging order shields to protect your assets (your business) from your personal attacks and financial disasters.

Charging orders are neat asset protection shields. How would you like somebody attacking you to suddenly find out that they won the battle and lost the war? You can set up your LLC so they win the judgment, but don’t get any economic benefit out of the win. In fact, you can hold them liable for the taxes of the LLC (your taxes) and not give them any money from the LLC to pay the taxes. That is a bitter pill for your creditor to swallow, but they won’t have any choice but to down the pill. This scenario isn’t some off the wall trick a sneaky lawyer dreamed up. It is black letter law in every state. No, attorneys don’t pay a lot of attention to the “tricks,” because such tricks don’t “fit into their long term philosophy.”

Your goal is to put your attackers and creditors in a really uncomfortable position, so they will get rid of you as soon as possible. You may not be able to prevent the lawsuit or even the judgment, but if you can make life miserable for your creditor and it becomes obvious that they won’t ever get any benefit out of having the judgment, then you are in a position to “settle” with them and get them off your back for pennies on the dollar. They dreamed of dollars, and should be happy to get a few pennies. We can’t prevent the problems, but it is sure nice to be in the driver’s seat when the judgment is finally delivered.

LLCs are powerful tax tools. They help in income tax planning. They are the tool you will use to “shift income” to family members. They will help you control your personal income taxes by letting you get income from your business without paying the social security taxes and a bunch of related taxes. Not only are LLCs an income tax planning tool, they can greatly reduce or eliminate estate taxes, if you’ve got an estate tax problem. Yes, I’ll go through the particulars for you to help you reduce income taxes and eliminate estate taxes.

1-5 New concepts are evolving for LLCs. In Module 6 of this course, we will explore “series LLCs.” Series LLCs are really neat, but they aren’t for everyone. Basically, you can establish a “principal LLC” (mommy LLC) and they establish “cell LLCs” (baby LLCs) underneath the principal LLC. Only the principal LLC pays the state fees. You can create a new LLC without even telling the state. Each cell LLC will give you asset protection. Each cell’s liabilities will be confined to the inside of that cell, and other cells won’t be liable for what happens in that one cell. Yes, Nevada has series LLC laws. “What happens in cell number one stays in cell number one.” Actually, you probably don’t want to set up a series LLC in Nevada. A number of states have series LLC laws, and those laws may well be on their way to your state.

The bottom line is, you need to become totally familiar with LLCs and what they can do for you. Your attorney and CPA aren’t going to let you in on the little secrets and show you the way. Once they point you in a specific direction and get their fees, you’re on your own. This course is unquestionably the most comprehensive course on LLCs available to you. If you have questions, please call me, but make sure you have been through the entire course before you call, because you questions will probably be answered in the material. Use the LLCs and your life is going to be a lot easier.

1-6 Business Matrix

Which business entity is right for you? Deciding the right entity is a critical step in getting the most benefits from your business. The chart below will help you evaluate the key differences between the most commonly used business entities. You need to decide which criteria are the most important for your business. Look at the Business Evaluation Criteria. It will help you determine which business entity is right for you. Generally, the Limited Liability Company best fits the needs of most of my clients.

Rank the business evaluation criteria to see which entity is right for you.

R Business A Sole Evaluation N Proprietor- General Criteria K ship Partnership LLP LLC S Corp C Corp Liability protection from business debts No No Low Very High High High Company Name Protection No No Yes Yes Yes Yes Easy to maintain Yes Yes Moderate Moderate No No May be owned by another company No Yes Yes Yes No Yes May issue shares Yes Yes or interests No No Yes Yes

Tax Benefits Low Low Low High + High Very High Double Taxes on Dividends No No No Maybe No Yes Unlimited # of Controlled Owners No Impractical Impractical Yes by Law Yes Non-US Owners Allowed Yes Yes Maybe Maybe No Yes Notes Default Default entity Creates Taxation Can change Almost every entity for for two or high entity is active tax advantage, individuals more people exposure if your choice income to plus free incorrectly passive transferability set up income of interest

1-7 Limited Liability Company Legal Structure Questionnaire Please complete the following form. Don=t be concerned if you don=t know all the answers. The CDs will walk you through the details.

Legal Name of Business ______(What name do you want to do business under? As described on the CD 1, you can call the business regulations department to see if the name is available or go on the state=s website. If the name is already being used, then you can=t use it. You will probably do the LLC filing in the state where you are doing business. If you are truly doing business in multiple states, then Nevada or Delaware may be the best, but in general we will debunk the Nevada myths.)

Trade Name of Business (if different than Legal Name): ______(Almost always the legal name is the same as the business trade name, so this is probably not an issue.)

Mailing Address

(For a small business, this is often simply the home address.)

Street Address if different than Mailing Address

(Most states require a physical street address if your mailing address is a post office box. That way, a summons can be served at the physical address.)

County and State of Principal Business ______(This is usually the same as the business location, but it is possible that the business legally may reside in one place, such as Nevada, and the business mailing address could be some place different.)

Name of Principal Officer (Usually your name)

How many employees do you expect to have in the next 12 months?

(You may only have yourself, but the IRS wants an estimate. Estimate low. If you or any of your family members intend to take a wage, list them as employees. Your spouse or children could work for the LLC, and this could yield some tax advantages that we will go through.)

When will wages first be paid? ______

1-8 (Estimate well out there, because the IRS will want to start seeing the tax stuff when you think the wages will be paid, so do not estimate too soon. Give yourself plenty of time. If the LLC will be used for passive activity, like owning a property, it is possible you will never pay wages.)

Closing Month of Accounting Year (This will almost always be December. You can only have a year end date different from your personal year end date, i.e., Dec. 31, if you are a C corporation. You probably will not want to be taxed as a C corporation.)

Description of the Business ______(This should be a broad description. For example: Real Estate or Dentistry)

Principal Merchandise Sold, if any ______

______(This is not real estate, but retail merchandise. Just say no if you are not selling.)

Have you ever applied for a federal employer tax number before? If so, give a legal name and trade name of the previous business, the city and state where filed, and the EIN if possible.

(This is for any previous business entities you may have received a tax ID number for. If so, give a legal name and trade name of the previous business, the city and state where filed, and the EIN if possible.)

Telephone Number ______(This is the business phone. It could be your home or cell. Where would you want the IRS to contact you. [I assume never, but say they really were there to help you.])

Name of Each Member (shareholder) (If you need more lines, please use the reverse side)

(Technically an owner in an LLC is not a shareholder, but rather a member, but the concept is the same. For asset protection reasons, you should often have more than one member. That may be a spouse (if not in a community property state), child or anyone else.)

1-9 Spouse of Each Member (For additional lines, please use reverse side)

Address of Each Member and Each Spouse of Member

SS# of Each Member and Each Spouse of Member

1-10 (They will be receiving distributions of income from the LLC and the IRS wants to know where to get their tax money.)

Business Purpose Description

(This is a little broader than the description of business, but very close. This is to develop real estate or to purchase real estate and fix it up and resell it.)

Voting Description ______

(Voting is normally set up as one vote per membership interest. There are quite a few persuasive reasons to set voting up in this way.)

Manager Name and Address for each Manager

(You will probably be the manager. This is like the officer and director in the corporate setting. For asset protection reasons, you probably do not want both spouses to be managers. The manager position carries a liability like an officer in a corporation has some liability. You can have more than one manager. Depending upon how the management documents are set up, the members may or may not have any say in the management, but managers always have management responsibilities.)

Registered Agent Name (You will probably be the registered agent. This is the person that gets served when there is a law suit. If your LLC will be in a state where you are not a resident, then you will have to have some one in that state act as the registered agent. The registered agent service for out of state entity owners is a big business in Nevada and Delaware.)

Registered Agent Address

(Probably your home or office)

Registered Office Address ______

(Probably your home or office)

1-11 Tools of Wealth Newsletter

What Happens in Nevada Probably Shouldn’t by Lee R. Phillips

This article was taken from the October 2009 Tools of ture and maintain an LLC. You Wealth Newsletter. To receive valuable updates regard- should note that the “subset” of ing what’s new in the law and legal strategies to build rules that apply to an LLC is differ- your wealth, call 800-806-1998 to subscribe. A three ent from LLC to LLC, because the month trial is only $5.92. Additional months are $19.92. rules that have to be followed de- Call now. pend upon how the papers are written that create and operate the By Lee R. Phillips, JD LLC. Some of the rules are re- Any time you are conducting some sort of a business ac- quired by law, but many of them are imposed on the com- tivity or owning rental real estate, you should be seri- pany (corporation or LLC) by what you adopt as your by- ously considering the use of a “company” to limit your laws (operating agreement for LLCs). liability. State statutes govern the structuring of various Delaware is the king of corporate law. They started years companies that will limit your liability. Such ago trying to attract corporations to their state, and they did “companies” include corporations, limited liability com- a good job. Almost every company that is publically traded panies (LLCs), and limited partnerships. In order to en- in any form is home based in Delaware. By far more cases courage entrepreneurs to take the risks of conducting involving corporations (and LLCs) are tried in Delaware business or dealing with tenants, laws have been adopted than any other state. Delaware is almost always the first to that allow the entrepreneurs to create a company and get come out with new and improved laws. Other states saw personal liability protection. The laws are really quite what Delaware did and they got on the bandwagon. Ne- uniform from state to state, because lawyers have gotten vada has been particularly aggressive in marketing its cor- together and created “uniform” acts (laws) that have been porate structures to everyone and their dog, and there are adopted by each state. now a ton of Nevada corporations. Wyoming and Colo- Even though the uniform acts have been adopted by all rado are riding the bandwagon along with almost every states, the laws aren’t exactly uniform from state to state. other state, except California and possibly New York, which Some states have only adopted certain portions of the acts do everything they can to discourage business. or have “changed” parts of the acts to meet the whims of With all the hype being thrown at you, which state do you the state’s law makers. The courts in some states have form your company in? In almost every case, you should made “funny” rulings that strengthen or weaken the laws form your company in the state where its assets are held or passed by the legislators. Thus, there is always the ques- where it is “doing business.” You might note that a com- tion, “Which state should I form my company in?” I will pany has to be registered (filed) in every state where it is try to answer that question in this article. “doing business.” The law has a funny idea of what “doing For purposes of this article I will talk about corporations business” means. If the company owns property, contracts, rather than Limited Liability Companies. However, you signs leases, hires an employee, or does any one of ten will want to use an LLC in 90% of your business struc- dozen other things, it is doing business and must register in tures, because the LLC not only the state. If you do business in Ohio gives you the “corporate shield,” and incorporate in Nevada, you will it also gives you charging order be required to register in both states. protection. LLCs are usually sim- When you were sold your Nevada pler to create and maintain than corporation, the sales dudes forgot corporations. You can think of to stress that point. (I am going to LLC “rules” as a subset of the cor- beat up Nevada corporations pretty porate “rules.” So if we consider a big time in this article, so don’t get corporate structure in this article, your feelings hurt if you have a Ne- it will certainly allow you to struc- vada corporation. You are in good Page 2 Tools of Wealth Newsletter

What Happens In Nevada Probably Shouldn’t (Cont.) company with many others.) Las Vegas lately. And trust me, it won’t be any differ- Registration in a state requires you to pay all of the cor- ent for the IRS dealing with a state. They will have ac- porate fees, appoint a registered agent to receive legal cess to your activities in Nevada. papers (process) for you, and file taxes in the state. Of When I speak, I have people come up to me that lay out course, if you are incorporated in another state (Nevada these elaborate schemes that involve trusts and Nevada for example) you will have to register in that state, get corporations. I am told that they are perfectly protected your registered agent, and do the tax stuff. Depending from all creditors and that they don’t have to pay any upon the state, there may or may not actually be an income taxes to the IRS. There is no such possibility. I income tax owing. Nevada actually has a state corpo- always look at them and envision how they will look in rate tax in some situations, and in the past couple of stripes. Nevada has sometimes been oversold—almost weeks they have imposed two new annual fees that like an off-shore tax haven, but it’s not that simple. add an additional $350 per year to your bill if you have People always tell me they are going to incorporate in an LLC. The annual fees run from 0 in Delaware to the Nevada and then move all of their rents and income to outrageous $800+ California fees. If you are incorporat- the Nevada corporation. Thus, they won’t have to pay ing in Nevada or Delaware and you don’t live there or any state income tax. That’s not true. No matter where have some warm body to act as you are incorporated, if money is your registered agent, you will earned in a state through rents or have to hire a registered agent. other means, then the state where That runs anywhere from a couple the money is earned will want its of hundred dollars a year to a cou- state income tax, and they are enti- ple of thousand dollars a year. tled to it. Any way you cut it, it will be a lot If you are not registered in the state more expensive to have a corpora- where your company owns property tion in a state where you are not or are doing business, the laws of the actually doing business. So why state will not protect you. For exam- do it? Nevada will tell you that ple, if you don’t properly register in your identity will be “secret.” the state, your tenant can sue the They have “absolute secrecy.” Yeah sure, and I am corporation (you) and the courts will simply allow them Santa Claus. The courts in any state can compel testi- to take the property if they win. After all, as far as that mony of the Nevada agents and disclosure of the prin- state is concerned, there isn’t any corporation, just a cipals of any corporation. Do you really think your piece of property in the state. If the corporation wants registered agent or attorney in Nevada is going to go to to evict the tenant, it can’t, because the state won’t rec- jail for contempt of court to protect your identity? Yes, ognize it as an entity that can bring suit. discovering the owners of the company is one more My bottom line is, in most all cases you should incorpo- argument an attorney will have to make when your rate or form your LLC in the state where the property is corporation gets sued, but it isn’t a hard argument to or where the company conducts the major part of its make. Everyone already knows who “owns” the com- business. You will save lots of money by not having a pany. You have already had to sign personally on all presence in states where you really don’t need to have a your accounts and mortgages. Your creditors, tenants presence. Recognize that the first priority is to and everyone else knows you own the company, so “maintain” your company no matter what state you are discovering your true ownership is just a formality. doing business in. Nevada will give you a 2-3% better Oh, you have been told by your Nevada corporate sales asset protection factor, but in 99% of the cases, your dude that Nevada doesn’t have any information- attackers will get to their goals long before they ever sharing agreement with the IRS. If you have been fol- face the “extra” protection Nevada offers, because you lowing the papers recently, you have noted that Swit- will have slipped up on your own turf, and they don’t zerland has just handed over all of its banking records ever have to face the Nevada issues. If you are going to to the IRS. Any country in the world that won’t share go public with your company, then incorporate in Dela- its banking records with the IRS is considered an en- ware. Otherwise, you can’t really give me a good rea- emy of the state. I don’t recall the US sending troops to son to incorporate in a foreign state.■

Series LLC States

There are seven states that allow Series LLCs:

Delaware Illinois Iowa Nevada Oklahoma Tennessee Utah

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Coming Up in Course 2

Naming Your LLC Articles of Organization PLLCs—Professional LLCs Reserving Your Name Filing Articles of Organization State Websites Uniform LLC Acts Filling Out Articles of Organization Members vs. Managers Who Can Be a Member? Single Members vs. Multiple Member LLCs Taxation of LLC Contributions of Members Members Liability

Coming Up in Course 3

Choosing a Tax Structure Tax Identification Number SS-4 Form 8832 Form Taxed As Corp 2553 Taxed As Subchapter S Timing of Filing Forms 8832 and 2553 Tax Deductibility of LLC Setup Fees and This Course Formation of LLC – Issuing Membership Interests Moving Property into LLC Bank Accounts for LLC IRS Advantages Distributions / Reasonable Wage Pass Through Nature of LLC Payroll Taxes

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Coming Up in Course 4

The Operating Agreement Piercing Corporate/LLC Veil Minutes of Managers Member Rights and Obligations Rights of Members to Sell or Assign Meeting of Members Capital Contributions Profits and Losses – Distributions Capital Accounts Books and Records Dissolution and Terminations Amending – Requirement

Coming up in Course 5

Ongoing Maintenance Minutes Getting New Members/Member Interests Annual Meeting Mechanics – Minutes of Members’ Meeting Husband and Wife Team No-No’s Business Plan/Acceptance of Documents File Tax Returns Family LLCs Estate Planning Using LLCs Shifting Taxes Kiddy Tax/AGI Reduction? College Kid Asset Protection of LLC Due on Sale Clauses Land Trusts Multiple LLCs Management LLC for Real Estate How Many LLCs Do You Need to Hold Properties/Run Different Businesses?

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Coming up in Course 6

Application of Charging Orders to Corporations Concept of the Wall Assigning a Charging Order Shifting Income Taxes to a Creditor Member Agreements aka Operating Agreement What to Do If You Are In Trouble Beefing Up the LLC When Trouble Hits Executory Contracts Reverse Piercing Litchfield Case Series LLCs Creation of New Cell LLC What If I Don’t Live In a Series LLC State?

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