If I intend to open a start-up company as an LLC, and I would be the only owner/member, AND foresee this company being the defendant in a lot of litigation because of the nature of its industry (nothing illegal, but an area where a lot of emotion and money is at stake), should I form 2 LLCs, one to actually do the business and another just to be the sole member of the first LLC, where I would be a member only of the second LLC whose only function is to be the owner/managing member of the first LLC?
I am interested in protecting my privacy as well as my assets. The LLCs would never "go public" or seek a venture capital or even a loan. I would fund it entirely with my own money.
I would form the first LLC in California, where I reside and do business. Should the second LLC be here too?
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