How To Use A Single Member LLC To Protect Your Assets

Are you considering setting up a single-member LLC but worried about whether it provides adequate asset protection? In this video, I'll debunk common misconceptions surrounding single-member LLCs and teach you the essential steps to fortify your business structure against potential lawsuits and creditor claims.

Discover why the jurisdiction of your LLC formation is crucial and how choosing the right state can make all the difference in safeguarding your assets.

Don't let misinformation hold you back from harnessing the benefits of a single-member LLC. Arm yourself with the knowledge and tools needed to navigate the complexities of business ownership with confidence.

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Show Notes:
0:00 Single Member LLC
2:52 Choose The Right State
5:12 Charing Order Protections
6:24 🐔🐔
8:04 Place This In Your Operating Agreement
12:32 Final Notes
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ABOUT CLINT COONS

Clint Coons, Esq. is one of the founding partners of Anderson Law Group, Clint has grown his legal and tax firm to over 400 employees by assisting real estate investors with creating and implementing solid entity structuring plans. His success in these regards is in large part due to his personal investing experience. A successful attorney, real estate investor, and speaker, Clint has used his innovative and dynamic strategies coupled with knowledge borne from experience to help thousands of people save millions of dollars and build real wealth.

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The information provided in this video should not be construed or relied on as legal advice for any specific fact or circumstance. Its content was prepared by Anderson Business Advisors with its main office at 3225 McLeod Drive Suite 100 Las Vegas, Nevada 89121. This video is designed for entertainment and information purposes only. Viewing this video does not create an attorney-client relationship with Anderson Business Advisors or any of its lawyers. You should not act or rely on any of the information contained herein without seeking professional legal advice.

#llc #singlememberllc #assetprotection #clintcoons

[benjaminJohn]

I love this channel. So informative and so clever. 🔥

[YinYangDPW]

Wonderful video - my passion is "serial LLCs", which are supposed to be legally independent from each other, even though all owned by a parent LLC in subsidiary fashion - my experience not too many business consultants know much about setting these "serial LLCs" up. Wouldn't you have only one filing fee, operating agreeement, etc. ? I think there are still some states that don't allow "serial LLCs". Taxes, etc. should all be ultimately consolidated into the parent LLC. The parent LLC can own not only subordinate LLCs, but C and S corps as well.

[elmasduro]

Hi Clint. Great video. I followed another attorney youtube channel and he mentioned that if you create a WY LLC but you live in another state ( ex new York ) and you personally get sue in NY, the judge may ignore WY laws and apply NY laws because thats where you live and got sue. So creating a WY will not do anything as far as protection . Creditor may be able to take wy assets. Whats your opinion on this?

[Mark_lee]

I know nothing about trading /investment and l'm keen on getting started. What are some strategies to get started with?

[midnite]

Hi Clint
This is a really educational video!
The Decanting clause is genius!
Can you do a video on that clause?
Also,
For just a small biz in a single member LLC,
Do you sell an operating agreement template?

[Hikingguy]

Clint, if I currently live in CA, own a TX rental property within a CA LLC, and move to a state tax free state like WA or NV, will I still have to pay CA state taxes on rental income within the CA LLC?

[organizer]

What about estate succession? Great clauses thank you!!!

[harleysmith]

I am in Florida and want to start as a SMLLC till I grow then turn it into an s-corp; small ecommerce 1st! Does this apply

[christian-josephturc]

Question: if I want to file a lien if I have a property in New York State with a New Mexico LLc do I need to register that LLc in NY state with the new regulations in place? If it’s the case I will use my anonymity

Have you seen any cases where the judge over ruled The operating agreement?

[dwbdwb]

Hi, is there a decanting clause in the LLC you all setup for me before?

[activemusickid]

Let’s say I live in Rhode Island, and I own an online eCommerce store… Can I have my operating LLC based in Wyoming? Or would I have to have my operating LLC based in Rhode Island but owned by my non-operational holding company LLC in Wyoming?

[justme]

Have you done a video on what could “pierce the veil” of protection? I own several single family rental houses in California, each is held in a separate single member LLC. I never commingle funds. So I’d think I would be safe. However, in a Facebook RE investor group I’m in, so many people are very against LLCs and say they really offer no protection as it is too easy to “pierce the veil”.

[rayslack]

With regard to having a Wyoming LLC owning the Florida SMLLC which then owns real estate would this alter the IRS "disregarded Entity" status of the Florida LLC? Since it would now be owned by a WY LLC not me as a single member?

[GamingXpert]

Where can you buy these Operating Agreements for Holding Companies?

[andylee]

Hello,
I am buying my neighbor house in Los Angeles under a new land trust name which owned by my LLC.
My current rental house is under same LLC. In future if I decided to build on both parcels should I convert 2 parcels to 1 parcel? Also, should I use one name on title for both properties.

[Jc-smvi]

Can spouses register a multi member llc, since the state of Utah is not a community property state, but file as a single member llc for tax purposes?

[dreamteamrealestate]

Clint is giving some very sound, but mostly GENERAL, advice. Why? BECAUSE EVERY BUSINESS ENTITY AND SITUATION IS DIFFERENT! People want great advice that shields them from every adverse condition but don’t want to get a CONSULTATION and PAY FOR IT! Listen to the advice and do your research: but at the end of the day: legal and tax professionals will need to look into your entity set up on a ONE-ON-ONE basis to ensure your business entitities are set up exactly they way you need them to be in order to profit you, shield you from potential liability, and leave a legacy. Good luck to all!

[harryv]

My problem: I have Sole vested ownership of my Rental Properties & Real Estate property LLC. I want to include my wife as a member, though she has no vested interest. I want to give her a small % percentage in the Operating Agreement. The Title Company reflects that she must be on the Deed in order to transfer my sole ownership to the LLC, which will force a 50/50% interest contrary to the percentages on the Operating Agreemeement. I don't get it ??? As I am sole owner of the properties ??? I want to give my wife a small percentage to include an irrevocable living trust that will eventually pass on 100% to my wife...

[bdmonist]

What about the argument lawyers make that the jurisdiction of the suit will be in the state where the property is. And the fact that the holding company is a Wyoming LLC is irrelevant. That the state laws where the property is held has jurisdiction.