we hold property in an LLC , because we have tenants and they have visitors
the purpose is if someone is hurt their , it is the LLC they can sue, and take its assets ,(which are the properties,, or attach them with a judgement
But they cannot touch our other private assets,
However if they, or someone else sue us personally, on another matter , unrelated, say we run them over with a bicycle or beat them up.. they can take the LLC From us as it is one of our assets,
So we are protected from the acts or negligence of the LLC, altho with a sole owner, sometimes courts will still hold the owner responsible personally ,
But the LLC is not protected from the personal acts of the owner
whereas you appear to have no assets to protect, I do not see how an LLC will protect anything
Should someone drown in an unfenced pond on your property,, your other assets, had you any , might be protected , unless the court held that you as sole owner , were in fact the LLC, but still , what could they take ?
well if you were employed , they might get a piece of your income periodically,, I know a guy who will be giving up income for the rest of his days ,just like alimony, but that was because He himself crippled a guy with his uninsured car. If Charlie had owned something in an LLC, they could have taken that,,
this is not legal advice, I am not licensed to give that, it is just common sense and available on the internet or in books
in short, an LLC protects your other stuff from "acts" of the LLC
It does not keep the LLC safe from confiscation due to a claim against you
Holding the property in your name, IF it is your residence, may in some homestead act states protect it from attachment or seizure,, they would have to go after something else of yours,, your paycheck, bank account or your car etc
if someone wants to find you own it, they would need to suspect you do, as in follow you or something,, if they suspect you may own property in a certain area or areas, all they need to do is search the tax records,, IF they think you may have hidden it under an LLC name, they can search public records of LLC filings for who owns the LLC..
(which btw you must publish in the local newspaper for a period stating who you are , its name and )that you are establishing it
if it were me, I would see if your state does give homestead or domiciles protection from attachment and judgements in civil suits,, and if so, I would take it in my name,,
of course if you owe alimony or child support, I do not know if that would work.
of course,, if you can manage to buy property, maybe you can buy an older high top van.....just sayin, but a cabin on the property would be far better !!! Make you easier to find tho...
you might want to just take a 99 year lease on the property,, he still gets monthly money from you , but does not take the land out of his estate.., then you do not own it, no one can take what you do not own,, there will be no title, survey or closing costs,, very low attorney fee.. but of course if the owner (who would be your landlord) is sued, they could take it from him,, but your lease might (or might not) remain in force.
of course you do not own it,, never will... but you have all the rights granted in the lease, basically the rights of an owner
however if you build a cabin there, technically he is the owner and will get it and any other improvements when the lease is up in 99 years,, but you use it like an owner in between---UNLESS you fall behind n the payments,, that is a real consideration for you,, miss a couple payments and get evicted and he gets your cabin.
these are just ideas, not legal advice, get more definitive information from a lawyer,, the hour will be worth the $500,, but make sure you get yor moneys worth by having distinct questions prepared for him in advance,, you do not want to be rambling at 8 bucks a minute
