Do I list my LLC bank account on a personal debt judgment fact info sheet?

[Fogyreef]

What is the name of your state? Florida

Florida LLC files as an S-Corp. No personal co-mingling of monies. Debt is personal credit line only. Do I need to include the LLC's business checking account on the fact finding information sheet the debtor is requesting?

 

[quincy]

What is the name of your state? Florida

Florida LLC files as an S-Corp. No personal co-mingling of monies. Debt is personal credit line only. Do I need to include the LLC's business checking account on the fact finding information sheet the debtor is requesting?

Yes.

 

[Zigner]

Yes.

Why?
The LLC is a separate entity.
(I'm asking because the OP wants to know, I'm sure.)

 

[Fogyreef]

Why?
The LLC is a separate entity.
(I'm asking because the OP wants to know, I'm sure.)

Correct. My understanding is short of piercing the corporate veil the LLC is out of bounds for garnishing. I do, however, imagine they would want to know about the account just the same, so as to determine the status of the account for themselves. Thus the question.

 

[Fogyreef]

In that same line, do I need to report real estate assets held by my corporations on their fact info sheet?

 

[Zigner]

Correct. My understanding is short of piercing the corporate veil the LLC is out of bounds for garnishing. I do, however, imagine they would want to know about the account just the same, so as to determine the status of the account for themselves. Thus the question.

You don't volunteer information that wasn't requested. Whether you have to provide information about the account depends on the specific wording of the request. If you are unsure, it would be wise to consult with an attorney for advice about the matter - such specific advice is beyond the scope of this (or any) forum.

 

[Zigner]

In that same line, do I need to report real estate assets held by my corporations on their fact info sheet?

Frankly, your matter sounds as if it's best for you to at least have a short sit-down with an attorney who can review the matter in its entirety.

 

[quincy]

Personal interest in an LLC is an asset that potentially can be attached.

 

[Zigner]

Personal interest in an LLC is an asset that potentially can be attached.

Absolutely, but information on accounts held by that LLC isn't something that is necessarily allowed at this point. The OP should speak to a local attorney.

 

[Fogyreef]

Absolutely, but information on accounts held by that LLC isn't something that is necessarily allowed at this point. The OP should speak to a local attorney.

Thanks, all. Will do.

 

[quincy]

Thanks, all. Will do.

Speaking with an attorney in your area for a personal review is definitely your smartest move.

If your LLC is registered under your social security number instead of a different tax identifying number, your LLC is vulnerable.

 

[Taxing Matters]

Personal interest in an LLC is an asset that potentially can be attached.

Yes, but in an asset disclosure for a personal debt I counsel clients to just disclose the member interest in the LLC because it is the member interest that is the asset of the debtor. The debtor does NOT own the assets of the LLC. The LLC does, and it is a separate entity. Of course, with the disclosure of the LLC interest the creditor may want further disclosures to determine the value of the LLC interest or simply proceed to get a charging order or otherwise collect from the LLC as state law allows.

If your LLC is registered under your social security number instead of a different tax identifying number, your LLC is vulnerable.

LLCs are not organized in Florida or any other state based on federal tax identification number (TIN). Whether the LLC is treated as a sole proprietorship (with the income reported on the personal return) or a partnership or corporation (in which case separate returns with an EIN are filed) for tax purposes makes no difference to the level of asset protection under state law. Here the LLC is taxed as a S-corporation, but for state non tax law purposes the LLC is treated no differently than if it were taxed as a sole proprietorship.

 

[zddoodah]

Do I need to include the LLC's business checking account on the fact finding information sheet the debtor is requesting?

Is this the form you're talking about?

Who is the judgment debtor: you personally or your LLC (or both)?

If the judgment is only against you personally, there would be no reason at all to disclose checking accounts or other assets owned by an LLC or corporation just because you happen to be the/an owner of the LLC or corporation.

 

[quincy]

fogyreef, is income from your LLC your sole source of income?

I agree with the others that you do not have to, nor should you, disclose anything not specifically requested on the debt fact sheet. But the question is what that specifically requested information is.

Having an attorney personally review the disclosure form before you fill it out and submit it would be smart and is advised.

 

[Zigner]

zddoodah pointed out the form that is required by statute, so it is quite likely the form (sheet) that the OP is referring to. On that form, the information is not requested in the way the OP indicated.