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Law Educator, Esq.
Law Educator, Esq., Attorney
Category: Business Law
Satisfied Customers: 117440
Experience:  All corporate law, including non-profits and charitable fraternal organizations.
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I have a RV registered in a Montana LLC. What are the rules

Customer Question

I have a RV registered in a Montana LLC. What are the rules that protect my Personal holdings fro my LLC holdings?
Submitted: 1 year ago.
Category: Business Law
Expert:  Law Educator, Esq. replied 1 year ago.

Thank you for your question. I look forward to working with you to provide you the information you are seeking for educational purposes only.

The rules of corporations and the corporate veil protects assets of the members/owners of the corporation/LLC from seizure for debts of the LLC. However, a corporate veil may be pierced when people do not follow the corporate formalities or have a corporate entity that is merely their alter ego, so that means mingling funds, not keeping corporate records separate etc.

As far as keeping your LLC protected from personal debt, you really cannot do so. Your interest in an LLC is something that if you are personally sued the court can attach your interest in the LLC for that debt. The way to avoid that is to form an irrevocable trust and let the trust then own the LLC . Anything in the irrevocable trust cannot be seized by your personal creditors and thus it would protect your LLC and personal assets..