What are the circumstances appropriate for operating as an LLC?
In this episode of Coffee with Carl, attorney Carl Zoellner guides you through the process of operating as an LLC.
Today, we’ve got a quick post for you.
This is in response to an often asked question: Should I start operating as an LLC?
Traditionally, when we look at setting up an LLC or even a corporation, it’s always important to have in place when you have something you want to protect.
I’ve worked with clients over the years and oftentimes when they started with their first investment property, that one was important enough to set up an LLC.
Now, from a perspective of if you’re already doing business, when is it appropriate to set up an additional LLC? Well, whenever you’re going to require something new.
We like the LLC because it allows us to limit the liability for any given piece of real estate or any sort of business venture. You can limit that liability by basically drawing a box around it or an LLC.
When you have something you’re investing in, that’s worth protecting– You should use an LLC. It’s the most flexible tool we have out there and offers different types of protection, as far as series LLCs.
If you’re ever around boring investors and want to whip out some LLC talk– we like LLCs because it allows us to separate those different investments.
Asset protection allows separation of investments, allowing separation between business and personal assets.
In short, it gives you protection and flexibility, so we often recommend using them.
As always, take advantage of our free educational content and every other Tuesday we have Toby’s Tax Tuesday, another great educational series. Our Structure Implementation Series answers your questions about how to structure your business entities to protect you and your assets. One of my favorites as well is our Infinity Investing Workshop.
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