How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Richard Your Own Question
Richard, Attorney
Category: Business Law
Satisfied Customers: 53705
Experience:  32 years of experience practicing law and a businessman.
Type Your Business Law Question Here...
Richard is online now
A new question is answered every 9 seconds

If i form a LLC and open a business checking account (but also

Resolved Question:

If i form a LLC and open a business checking account (but also use my ss to open the account), then deposit money into my business account and transfer my car title to my LLC will it protect my assets from my personal debtors going after my car and my money in my business checking account?
Submitted: 5 years ago.
Category: Business Law
Expert:  Richard replied 5 years ago.

Good morning. It really works in protects your personal assets from the liabilities of the business. With respect to your personal liabilities, those creditors can go after your personal assets....and though they can't go directly after the assets in the LLC (such as the money and the car) because it is a separate entity, they can go after you interest in the LLC which effectively gets them to your car and money.



I hope this has given you the guidance you were seeking. I wish you the best of luck!


If you have a follow-up question, please remember that there might be a delay between your follow up questions and my answers because I may be helping other clients or taking a break.


If I have adequately answered your question, even though the answer might not have been the one for which you hoped, I would appreciate it if you would please click the GREEN ACCEPT button so that I receive credit for my work; otherwise, though you have made a deposit, I do not receive credit.


If you need additional clarification on this question after clicking ACCEPT, please do not hesitate to click Reply and I will be happy to do what I can to help you further. Thanks for allowing me to be of service to you.


The information given here is not legal advice. As all states have different intricacies in their laws, the information given is general only. This communication does not establish an attorney-client relationship with you. I hope this answer has been helpful to you

Customer: replied 5 years ago.
So basically a LLC would not be a good strategy to protect my personal assets then ,since they can still pursue interest in my llc.
Expert:  Richard replied 5 years ago.

That is correct. I'm sorry. The best strategy is to use a family limited partnership, which is carefully drafted can effectively protect your assets and still give you control of them.

Richard and 3 other Business Law Specialists are ready to help you

Related Business Law Questions