Business Planning Archives | Page 7 of 7

Eleven LLC Practices and How To Protect Your Assets (infographic)

January 7, 2017 PMiller

Personal Assets and Piercing the Corporate Veil A benefit of a Limited Liability Company (LLC) is the personal liability protection the entity provides members and managers. Quite often, if the LLC is sued, not only will the plaintiff try and attack the assets of the defendant LLC, but also the assets of its managers and/or member owners. The legal term for attaching personal liability to an LLC’s members and/or managers for corporate debts, is “piercing the corporate veil”. Therefore, once the corporate…

How to Transfer Your Real Property to an LLC

August 9, 2016 PMiller

Some individuals and couples transfer title of real property to an LLC as a way to shield them from personal liability, pay fewer taxes through asset depreciation, avoid probate, or for estate planning purposes. Some of these purposes are succession planning, gifting, or lowering estate taxes. Perhaps, the property is an in-town rental, vacation home, out-of-state property, or vacant land; placing the property into LLC can protect the property owner, lessen the tax burden, and streamline probate process. An LLC…

Avoid Personal Liability as an LLC Owner

October 19, 2015 PMiller

A Limited Liability Company (LLC) is a legal business entity that not only provides favorable tax consequences for some individuals; it also protects owners or members from personal liability. The legal term for this protection is the “corporate veil”. This corporate veil creates investment incentives. An investor is more likely to spend time and money based on the assurances that she will not be held personally liable to the business’ creditors. However, many times a plaintiff suing an LLC or…

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