First, why would you elect S Corp. status? That is usually a poor decision and single-member disregarded entity status is much better. Did you have an attorney prepare the operating agreement and resolutions for your LLC? If they are done right, depending on the type is this you have, that is a good first line of protection. If you are in a very high risk business there may be several other steps to take for asset protection. That is why you need a good tax and business attorney.
I hope this helps!
If you do not like this answer or disagree, please look at one of the other answers provided. It is not necessary for you to try prove this answer is "wrong" or something with which you do not agree. This is a free service for you based on limited facts. Nevertheless, many times you need to consult an attorney with the details to get actual advice specific to your concerns. Do not put too many details in your questions or comments because this makes the information public and could hurt you. Government Regulations contained in IRS Circular 230 regulate written communications about Federal tax matters, including e-mail, between us and our clients. This is another attempt by the government to limit your rights and to extend the control of government over individuals and businesses. Nevertheless, such communications are either opinions or other written communications. This is not an opinion. It is other written communication and was not written to be relied upon, by itself, to avoid any tax penalties. In order to receive assurances of protection from tax penalties from a written communication, you should get an opinion letter. If you would like to discuss an opinion letter relating to any matter, please contact me and I will explain what is involved and what it will cost.
You have not provided sufficient facts to receive helpful responses. What is the business of the LLC? What are its assets? Is the motivation to limit your personal liability for business operations or are you seeking to protect assets placed in the LLC from your personal creditors? You should review those issues and your organizational documents with an experienced Business Attorney.
The foregoing discussion does not establish an attorney-client relationship, is qualified by the limited facts presented above, and should not be relied upon as legal advice. To obtain definitive legal advice upon which one can rely necessitates retaining an attorney who is qualified in this particular area of the law.
What is the nature of the business? What assets do you have? Need additional info. Consult an attorney for free info.
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