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HCLegal
HCLegal, Attorney
Category: Bankruptcy Law
Satisfied Customers: 423
Experience:  I have filed over a thousand bankruptcy cases.
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My husband and I want to put our estate and business in order.

Customer Question

My husband and I want to put our estate and business in order. We want to know what will protect our assets the best in case of debt or lawsuits? He is a real estate broker in California. I do admin work.
Also want to know if an LLC protects my personal assets or an S Corp or a C corp?
Submitted: 2 years ago.
Category: Bankruptcy Law
Expert:  HCLegal replied 2 years ago.
Hello and thank you for your question today.

A corporation, regardless of what kind, LLC, S Corp or C Corp, will all protect you personally from things the business does. For example, your husband is a real estate broker so he probably has an office where clients come to, if someone were to slip and fall they could sue you. But if you were incorporated they could only sue your business and not you personally.

The main differences for the different types of corporations is for tax purposes. You should consult a CPA to determine which one works best for you.

Now, protecting your assets from personal debt is different. Incorporating will not protect your assets from personal debt like credit cards. Retirement accounts like 401ks and IRAs are the best way to protect your retirement money. The business itself is an asset that creditors can go after.

I think this is the information you wanted to know. If you have any other questions or need clarification on any part of my answer please let me know.

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Thank you HCLegal
HCLegal, Attorney
Category: Bankruptcy Law
Satisfied Customers: 423
Experience: I have filed over a thousand bankruptcy cases.
HCLegal and other Bankruptcy Law Specialists are ready to help you
Customer: replied 2 years ago.

I don't have an attorney to work with. Do you think I could use rocketlawyer or USLegal forms to set the LLC or Corporation up?

Customer: replied 2 years ago.
, I don't have an attorney to work with. Do you think I could use rocketlawyer or USLegal forms to set the LLC or Corporation up?
Expert:  HCLegal replied 2 years ago.
Yes, you can use Rocketlawyer or Legalzoom

Setting up a corporation is easy to do and you can it by yourself.

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