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Richard, Attorney
Category: Business Law
Satisfied Customers: 55605
Experience:  32 years of experience practicing law and a businessman.
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If i form a LLC and open a business checking account (but also

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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: 6 years ago.
Category: Business Law
Expert:  Richard replied 6 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.



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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 6 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 6 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.

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