Wyoming LLC creation for real estate

[wonderd4]

That is a naive response. You can do better than that common. The questions I asked and the structure of LLC formation I brought up has already been said to be useful. Which I learned from the video.

 

[quincy]

That is a naive response. You can do better than that common. The questions I asked and the structure of LLC formation I brought up has already been said to be useful. Which I learned from the video.

The video has only led you to question what you heard. It is obviously not educating you. Apparently the only education you have received is from an attorney (Taxing Matters).

It appears time for you to seek out assistance from an attorney local to you and/or who is licensed to practice in the states where you hope to operate.

Good luck.

 

[wonderd4]

I learned from the video there are different ways to structure LLC's to protect your assets. Which I did not know. I learned certain state LLC's can also provide a level of anonymity from the public which I also did not know.

So the case which I did not learn anything from the video must be thrown out.

 

[quincy]

I learned from the video there are different ways to structure LLC's to protect your assets. Which I did not know. I learned certain state LLC's can also provide a level of anonymity from the public which I also did not know.

So the case which I did not learn anything from the video must be thrown out.

Okay. So you were totally clueless about business at the start of your plans to start a business and you found just enough information presented in the YouTube video to question what was provided.

Questioning the information and the sources of information you find on the internet is smart. There is a lot of garbage that is posted online.

I learned from a YouTube video that some parrots can dance.

The recommendation still holds that you seek out help from an attorney in your area. You and your business will benefit from a legal professional's personal attention.

Good luck.

 

[wonderd4]

But the information provided in the Youtube video is not garbage correct? This guy has a point.

Someone from the bigger pockets forum made a case that if you have insurance in place, can actually be more of a cause for a lawyer to go after you.

In this case he was going to be sued. But once the lawyer found out he did not have an unbrella insurance policy in place the lawsuit was dropped. He had nothing to gain.

 

[quincy]

But the information provided in the Youtube video is not garbage correct? This guy has a point.

Someone from the bigger pockets forum made a case that if you have insurance in place, can actually be more of a cause for a lawyer to go after you.

In this case he was going to be sued. But once the lawyer found out he did not have an unbrella insurance policy in place the lawsuit was dropped. He had nothing to gain.

Not having insurance can be a very dangerous way for a business to operate.

 

[PayrollHRGuy]

But the information provided in the Youtube video is not garbage correct? This guy has a point.

Someone from the bigger pockets forum made a case that if you have insurance in place, can actually be more of a cause for a lawyer to go after you.

In this case he was going to be sued. But once the lawyer found out he did not have an unbrella insurance policy in place the lawsuit was dropped. He had nothing to gain.

But you seem to have or plan to have a not insignificant amount of real property. So you will have something to go after that really is almost impossible to hide.

 

[wonderd4]

I know. I dont plan to not have insurance.

Lets say I purchase the property in NC with the NC LLC which is owned by the Wyoming LLC.

Lets also say they are all disregarded entities.

The rents and all business matters would have to be deposited in a NC bank under the NC LLC. But before I have access to those funds would they also have to pass to a Wyoming bank account? Or can I have direct access to them through the NC bank without jeopardizing any type of protection from the LLC?

 

[quincy]

I know. I dont plan to not have insurance.

Lets say I purchase the property in NC with the NC LLC which is owned by the Wyoming LLC.

Lets also say they are all disregarded entities.

The rents and all business matters would have to be deposited in a NC bank under the NC LLC. But before I have access to those funds would they also have to pass to a Wyoming bank account? Or can I have direct access to them through the NC bank without jeopardizing any type of protection from the LLC?

For what reason would you be accessing the funds?

 

[wonderd4]

To obtain the profits to use on self.

 

[PayrollHRGuy]

For what reason would you be accessing the funds?

I would assume to both pay the bills associated with owning and renting the property and taking the profit.


TO THE OP.

I understand you are very concerned with the protection an LLC provides. You should be aware though that it is fairly common for the corporate veil to be pierced in closely held companies and downright common in single member LLCs.

 

[wonderd4]

I would assume to both pay the bills associated with owning and renting the property and taking the profit.


TO THE OP.

I understand you are very concerned with the protection an LLC provides. You should be aware though that it is fairly common for the corporate veil to be pierced in closely held companies and downright common in single member LLCs.

So a Wyoming Manager managed LLC with me as the manager then that LLC owning a NC LLC as the member would have the same protection as just owning a single NC LLC in my name?


(I would assume to both pay the bills associated with owning and renting the property and taking the profit.)
Yes he is correct