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Irish
Civil Servant
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LLC Protection
Friday, May 11 2007 03:49 PM
I own some property with a buisness partner under an LLC. My buisness partner also has some addditional property which I share no interest in. He recently informed me that he may have to enter Chapter 7 or 11. How will this affect our LLC. Is his interest in our LLC subject to attachment. What is the best course of action. A trust!
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Randy Hughes
Master Advisor-39 years of experience
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Re:LLC Protection
Saturday, May 12 2007 10:17 AM
Irish,
Yes, the LLC interest is subject to attachment. However, the creditor cannot force the sale of your LLC. A trust will not help you in this situation and at this late in the game (the best asset protection plan is initiated long before trouble starts..and it sounds like trouble has started for your LLC co-member). Another concern is; did you two sign jointly on debt? If so, will he avoid his liabilities via his bankruptcy and stick you with all the financial responsibility? I think you know the answer to this, but you should contact a knowledgeable attorney to find out where you stand in all of this.
Randy Hughes
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Randy Hughes
Master Advisor-39 years of experience
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Re:LLC Protection
Saturday, May 12 2007 11:15 AM
Irish,
We are not attorney's. You would be well advised to have legal council IMMEDIATELY.
I would recommend you purchase a monthly membership in PRE-PAID LEGAL SERVICES, INC. This will give you five-day a week access to a law firm that has attorney's that can council you on all (27) areas of law. You will have UNLIMITED access to the provider law firm. You can contact me and I can answer your questions about Prepaid Legal Services, Inc.. and get you enrolled. For more information on PPL go to my website:
www.prepaidlegal.com/hub/jhughes28 watch the movie......
Randy's comments are good. I would also suggest that you use land trusts to hold title to property you purchase whether you own it alone or are wanting a JV with someone else. Subsequently you can use your LLC as a beneficiary. Take the time to click on the second product on the right hand side of this screen and buy the download entitled LAND TRUSTS MADE SIMPLE - BASIC and start learning about this tremendous tool for real estate investors.
Call me with any questions.
Jim Hughes
Randy Hughes
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Irish
Civil Servant
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Re:Re:LLC Protection
Monday, May 14 2007 09:17 AM
Randy, thanks for the guidance. I did not sign on any of his debt., and the LLC which I share with him is free from all debt. I shall however, follow your advice and get a membershipin the Legal Services.
Thanks again!
Irish.
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Jim Hughes
Investor
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Re:LLC Protection
Wednesday, May 16 2007 11:59 AM
Irish,
Randy and I would highly recommend you become a member of PrePaid Legal Services, Inc. (PPL) as soon as possible. We use our memberships every week. This is a no-brainer for investors.
Please view our PPL web site and watch the two short movies on the Legal Services Plan and the Identity Theft. Then sign up for your membership right there. I will get a new membership kit out to you immediately so you can start using the valuable legal services and the have the protection of the Identity Theft for you and your spouse.
Call me if you have questions. 847-741-9797
Jim Hughes
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