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WALLSTREETESQ
WALLSTREETESQ, Attorney
Category: Bankruptcy Law
Satisfied Customers: 15671
Experience:  14 years exp., CH 7 AND 13 Bankruptcy cases, AFL-CIO UNION PLUS, UFT NYSID AND ALL MAJOR UNIONS
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I am a business owner and we are in a huge litagation case

Resolved Question:

I am a business owner and we are in a huge litagation case that has been in place now for over 1 year. Things aren't looking good. I need to sell all landscape equipment, trailers and trucks fast! Can I open another landscaping company same name just instead of INC do LLC and have that corp. buy all my stuff from the other Incorporated name? Or Can I get into some troble by doing that?
Submitted: 2 years ago.
Category: Bankruptcy Law
Expert:  WALLSTREETESQ replied 2 years ago.

WALLSTREETESQ :

Hello I am a licensed attorney here to help you with your question, please review my response and do not hesitate to ask for clarificati on.

WALLSTREETESQ :

Are you afraid that these items may be taken if you lose your case?

Customer:

Yes I am.

WALLSTREETESQ :

Than you could transfer all personal assets into a corporation out of your name or sell the assets, but be aware,

WALLSTREETESQ :

that when you are in litigation,

Customer:

I know I am going to lose I do not have all records that I thought I had. Its an overtime dispute and I was suppose to pay the one guy $7,500 and the other $1,000 x 3 = $24,000 + their atturneys fees. approx $30,000

WALLSTREETESQ :

and assets are transferred for the sole purpose to evade potential creditors, the prevailing party could still try to recover the items, through a separate lawsuit

Customer:

The assets are in my Personal name not the corporations name.

Customer:

The corporation pays for the equipment, trucks, trailers, etc..

WALLSTREETESQ :

If you do put your personal assets into an LLC, and not in your name, it may be possible to hide them from your creditors, but you should make sure that their is no current court order prohibiting you from transferring any assets

Customer:

right now there is not a court order.

Customer:

Can I open a new Corporation under an LLC with my wifes name on it instead of mine with my equipment?

WALLSTREETESQ :

You can do that, and if their is no court order it is possible, however, be aware it may still be possible for the creditors to sue your new corp, if they ever found out the assets were transffered their,

Customer:

I plan on filing for Bankruptcy under the old corporation as soon as the lawsuit is settled to an amount of settlement.

Customer:

How could they find out that the assets were transfered over?

Customer:

How can I go about transfering over the assets? whom do I talk to do this for me??

WALLSTREETESQ :

The registration of the vehicles need to be transferred,

WALLSTREETESQ :

the DMV, may be best,

WALLSTREETESQ :

if you are planning on filing a bankruptcy, than I would consult with a bankruptcy attorney about how to transfer the assets, and protect them as well,

Customer:

ok...

Customer:

Am I able to buy any more vehicles if wanted or trucks and put them in my personal name? or my wifes name?

Customer:

instead of the business?

WALLSTREETESQ :

Yes, the creditors can only go after the debts that belong to the party that is liable for the loans,

WALLSTREETESQ :

so if it is in your wifes name or a new LLC, they cannot touch them, if the transfer is not consdiered a fraud

Customer:

Gotch ya! Thanks much! This was a huge help and good advice! I do appreciate it greatly...

WALLSTREETESQ :

Good luck, and I would not consider a bankruptcy filing unless they actually discover the transfer of the assets,

Customer:

Do you have email that I can write you as needed for questions? Thanks!

WALLSTREETESQ :

I would consider creating a Wyoming LLC, and try to run your new business that way,

Customer:

huh what do you mean?

WALLSTREETESQ :

You can ask for wallstreet esq., and I would be happy to answer any further questions you may have

Customer:

Out of state business

WALLSTREETESQ :

If you create a WY LLC, you have significant protections in terms of possible lawsuits,

WALLSTREETESQ :

and Wyoming does not release any partner information, so it is a good State to incorporate an LLC,

WALLSTREETESQ :

This gives your business signficant added protection,

WALLSTREETESQ :

  • No State Income Taxes

  • No information collected to be shared with IRS

  • Privacy allowed

  • Shareholders are not listed with the state

  • Best Asset Protection Laws

  • Nominee officers are no longer needed

  • Citizenship not required

  • State tax not being considered

  • Wyoming draws little attention

  • No Nevada "Stigma"

  • Lower Startup Costs

WALLSTREETESQ :

http://www.wyomingcompany.com/

Customer:

Thanks a ton!

WALLSTREETESQ :

I would look in to it, it is the common State for LLC's which need protection from creditors,

WALLSTREETESQ :

If you have any further questions please do not hesitate to ask

WALLSTREETESQ :

If satisfied please press the accept button so we can receive credit

Customer:

So how can I do this online right now to make this happen?

WALLSTREETESQ :

You can use many online companies, a wyoming llc is very common,

WALLSTREETESQ :

http://www.wyomingcompany.com/wyoming-corporations/#move

WALLSTREETESQ :

The above is one, also legalzoom.com

WALLSTREETESQ :

It is also fairly cheap as well.

Customer:

So my co. name isXXXXX I can use the same one under Wyoming but just A1 Landscaping, LLC instead?

WALLSTREETESQ :

yes, if it is available

Customer:

and I can run my company then in Chicago no problem?

WALLSTREETESQ :

yes

Customer:

awsome!! Thanks for the help..

WALLSTREETESQ :

you have to pay a yearly fee for a Wyoming address usually $100 a year

WALLSTREETESQ :

If satisfied with our service please press the accept button so we can receive credit

WALLSTREETESQ :

If you have any further questions please do not hesitate to ask

Customer:

how do I pick a Wyoming address? I forgot about this ..

Customer:

I mean how do I pick an address if I do not reside there or anything?

WALLSTREETESQ :

the companies will set it up for you,

Customer:

Which companies?

WALLSTREETESQ :

When you set up the WY corporation online, they will have sucha a service,

WALLSTREETESQ :

http://www.wyomingvirtualoffice.com/

WALLSTREETESQ :

The above have this service as well

Customer:

thanks much!

WALLSTREETESQ, Attorney
Category: Bankruptcy Law
Satisfied Customers: 15671
Experience: 14 years exp., CH 7 AND 13 Bankruptcy cases, AFL-CIO UNION PLUS, UFT NYSID AND ALL MAJOR UNIONS
WALLSTREETESQ and 4 other Bankruptcy Law Specialists are ready to help you

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