Single Member LLC Asset Protection Myths (Charging Order Protection FACTS)

When would you use, or should you use, a multi-member LLC? Is it best to create your LLC in the state you live in and if so does are you covered with charging order of protection?

What you need to know is covered in depth in this short video.

Questions or requests for a video topic are always welcome!

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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.

[ThaMidwestBrutha]

I just wanna you are a BEAST, Thank you for this jewel you just dropped!!!!

[sandrapaim]

I just needed this information so badly!!! Thank

[jamesvelvet]

Pure gold. TY for posting this up! The flow chart reminded me of a simple bus network (IT guy here). The security of clustering the individual LLCs into an entity that was difficult to get open is impressive. Thoughts on wrapping everything up in a Cook Island Trust ? Quiz time: The countries where safe deposit boxes are the safest are....

[eddingtonrental]

This was extremely helpful. it is so hard getting good information on when it is appropriate to have a holding or parent company in Delaware or Wyoming and when it is not. So many freaking videos out there make it seems it is not necessary but don't tell you the conditions. its confusing!!! It appears that in GA there can be a charging order against your LLC distributions, but from what i've read so far, that is as far as it goes. They cannot foreclose. Thx very much!

[consumerdebtchitchat]

This is why an LLC should be backed up by business liability insurance. As much as we hate to pay it. I'm a teacher and your way of explaining things is outstanding. I did not know this. I live in florida. I have an LLC and I also have business insurance liability. I'm not an expert at these things and I want my bases covered😂

[csmithvenice]

Great content and presentation! You rock!! I used to be a real estate attorney before I retired. Fabulous presentation!

[MattJesuele]

Smashed the like button as soon as the creditor got horns.

Thanks for the info!

[lvteachme]

I'm going to hire Clint! I want him on my team.

[JamesJohnson]

Thanks Clint - great info. If I have an out-of-state single-member LLC (online video creation business) and I place that under a Wyoming Holding LLC, will I get charging order protection? Another lawyer online said ""The WY LLC strategy does not work for an active business. It doesn't matter if your business is virtual, you are doing most of the work from NC. That means you could be sued in NC regardless of where you set up the LLC. The WY LLC strategy is not applicable here. There is no ambiguity here. Anyone saying to use a WY LLC anywhere in your structure for an active business when you live in NC is wrong." Is she right? How can I be sure? Thanks!

[WEJIII]

why not Delaware instead of WY, I was told DE also does not allow foreclosure on a charging order protection

[liltarus]

Great info!! Question
Does putting your interest in a trust or living trust during planning protect it at all in states that allow foreclosure? Gray area in Texas for single member.

[assetstopurchase]

I need multiple offshore LLCs within multiple offshore Trusts. Nothing else will protect my assets against a charging order.

[headfirst]

Just need to figure out how to pressure the ‘creditor’ to lift the charging order and the strategy will be complete. Probably unique to each situation.

[LeadsForLocals]

Great video. Regarding Florida, even though their Supreme Court made that crazy decision, from what I understand, Florida Statute 620.1703 states that a creditor's exclusive remedy is the charging order for multi-member LLC's. Am I reading that correctly?

[danielcleary]

Don’t most lenders require you sign a personal guarantee? How would an LLC protect you in this case. I guess you could refuse to sign, but then you don’t get the money or find a non-recourse loan if you can.

[Darrell_lewis_massage_realtor]

Tx resident. Does Texas have charging order for single member LLC’s? Some say there has to be another member, others don’t.

[JoshSpace]

I don’t live in Wyoming though. Never have, never will. So can a judge rule the “protections” aren’t valid and break through the LLC to access the assets?

[billytheweasel]

WA state is a community property state and it looks like a man & wife filing taxes jointly can have a 2 member LLC and have a "Disregarded" tax provision.
RCW New Rule 2016 affirms Charging Order is sole remedy.

[utube]

Sounds good Clint but...the judge could say "Well, you don't REALLY do business in Wyoming, these houses are in California" (or Nebraska, Massachusetts, etc) and then just override your Wyoming LLC. Could THAT happen?

[SageKwan]

isn't the protection of an LLC determined by where you live? for example if I live in TX and have a WY LLC, wouldn't they just follow TX law in determining how to treat the LLC?