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Category: Business Planning

Business Planning

Operating Agreements: 7 Reasons Why Your Single Member LLC Needs One

Operating Agreements: 7 Reasons Why Your Single Member LLC Needs One

Operating Agreements help an owner of a single-member limited liability company (SMLLC), in many ways. Two reasons for creating an SMLLC are tax breaks and limited liability.  In the same way a business owner must prove income tax deductions by keeping accurate records, holding onto receipts, and following rules and procedures. Having an operating agreement, helps demonstrate to the court the owner of an SMLLC plays by the rules. And therefore, shielded from liability. Not only does an operating agreement…

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

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

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…

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How to Transfer Your Real Property to an LLC

How to Transfer Your Real Property to an LLC

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…

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Avoid Personal Liability as an LLC Owner

Avoid Personal Liability as an LLC Owner

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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