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What are the procedures for setting up a LLC under CA business laws
San Francisco, CA
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Posted about 1 year ago in Limited Liability Company (LLC)
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LLC asset protection:
I am planning to convert my 2nd home in which I brought a few months ago into a care home. I plan to do LLC. What would be the best way to protect my primary residence which has been rented out and my other assets in case of personal or a business lawsuits. Should I deed my 2nd home to the LLC? How much protection do I really get from the LLC or maybe should I do register as a corporation instead. I am the only owner and no other investors are involved.
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Answers (1)
David M. Walker
This attorney is licensed in Georgia and 1 other state.
Posted about 1 year ago.
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I always recommend to my clients to hold each of their businesses and properties in an LLC. Each business/property should have its own LLC ,and you personally should have an LLC holding company that holds the interest in each of the LLCs. I usually recommend an LLC instead of a corporation, because an LLC has less corporate formality than a corporation, which require shareholder meetings, director meetings, and other corporate governance to maintain its protections. An LLC on the other hand only needs an operating agreement to keep its protection, and depending on the state incorporation, that's not necessary for a single owner LLC. LLC is especially easier to maintain for a single owner. The tax status of each LLC needs to be reviewed by an accountant.
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