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Irwin Law
Irwin Law, Attorney
Category: Business Law
Satisfied Customers: 7408
Experience:  30+ yrs. representing small business, real estate, probate
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I require Asset Protection i wish to create forms of

Customer Question

I require Asset Protection i wish to create forms of LLC's, each to protect different assets like my home , my car and an LLC to buy and invest in Tax lein certificates, etc.. in order to protect my assets from suits, etc.. if God forbid it ever happened,
What type of LLC would i use and How do i set it up two of them are to protrct hard assets like my house and car, one is to protect liquid assets from my buying tax leins Regards Mark
Submitted: 1 year ago.
Category: Business Law
Expert:  Irwin Law replied 1 year ago.

"Asset protection", is a much oversold scare tactic, used to sell seminars to inexperienced people such as you. In your position, i.e. just starting into a small business venture, the last thing you need to think about is protecting a few meagre assets from imaginary lawsuits. There's no point in spending a lot of money to set up business entities that you're probably not going to need. If you want more information on the subject, then just accept my offer of additional service. It will be more expensive than you offered here, but it will pay off in the near-term future.

Customer: replied 1 year ago.
My assets total 1.6 million, so i believe that would need protection against being sued , people are to sue happy these days
Expert:  Irwin Law replied 1 year ago.

What do you think people are going to sue you for, Mark? I have been a litigator for over 50 years, and I have failed to see any case where someone got sued yy someone they'd never heard of. Regardless of your current net worth, I stand by my statement that creating LLCs to hold title to your individual assets, is a waste of time and money. LLC's, and corporations are individually tailored to business enterprises in order to prevent exactly the situation that you are concerned about. Putting your car, your home, or a stereo into separate LLCs evidences some extreme form of paranoia. A businessman Shields himself from personal liability by structuring his businesses in such a way that he is protected, and conducting business in such a way that litigation is avoided. Bot***** *****ne though is that LLCs are very easy to form in your state. You simply go online to the Connecticut Secretary of State's office, fill in the forms, pay the fees, and get your LLC certificate. After you obtain the certificates, you transfer whatever titles you have into the LLC names.

Customer: replied 1 year ago.
Thank you for the information
Expert:  Irwin Law replied 1 year ago.

You are welcome. Please rate my Answer and I thank you for using JUST ANSWER.