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Overlooked LLC Issue No. 3



start an llc

“The 10 Overlooked LLC Issues People Often Screw UP!”

Issue No. 3

Who’s the Owner?

who's the owner

Like I told you in the last part of this Series, I speak to thousands and thousands of people every year. I can help hundreds of them, but I can’t personally help everyone. So, I’ve started to play the internet game.

Don’t worry, I am still a lawyer. In fact, I am a Counselor of the United States Supreme Court, but I am really green at the internet stuff. I am sure you may be doing the internet stuff for your business, so we’re in exactly the same boat. It’s a big world, and it’s a great way to keep in touch with a lot of people.

I’m trying to learn how to effectively market my website, so that I can help more people faster. You can use your favorite lawyer or an Internet Template site, but please take the time to know what you’re getting and how to use it. I feel an obligation to debunk the baloney people are being fed on LLCs.

There’s a whole internet world out there saying, “Click here for your instant LLC.” We’ll file your forms. You do nothing.

Look at it this way. Your LLC is the “vehicle” you’re using to build your future financial income source and your future security. It’s the “vault” that holds most of your wealth. It’s the hard asset you will pass on to your children and grandchildren, and they will make their living using it. It’s important.

If you are buying a new car, you’ll spend 50 times more time researching, studying, and thinking about what you’re doing than you will when you set up or use your LLC. The car gives you nothing back. The LLC helps you make a living.

Your car doesn’t make money for you, insure your financial future, or anything else. You can’t make it grow. But at least the car dealer asked how you wanted to “own” your car – your name alone or your name and your spouse as joint tenants?

Do you own your LLC, or if you are setting one up now, how will you own it? It doesn’t matter what small business owner I am working with, the first thing I ask is who owns the LLC? They all answer “Me.” Do you really own your LLC? Should you own your LLC?

How you “own” your LLC makes a big difference in what happens in your taxes, in your estate planning, and possibly even in the asset protection you get.

When I was young, I set up a corporation (long before I became a lawyer), and the attorney never sat me down and went through the ownership options.

This leads me to the third of the “10 Overlooked LLC Issues People Screw UP!

People play lots of games with LLC ownership. Most of them are worthless smoke and mirror tricks that just cause you problems. Some are very valuable.

Believe it or not, the first question you have to ask is “How will the LLC be taxed?” How your LLC is taxed makes a difference as to “who” can own the LLC.

A lot of lawyers like to stack entities on top of entities. They will tell you that if your LLC is owned by another corporation or LLC, then anyone attacking you will have to go through multiple layers to get to you.

The layer trick it almost totally a house of cards. If I can get through one of your entity shields, trust me, the rest will domino and fall. One entity properly taken care of is a ton better than three layers of entities that you have ignored.

That’s why it is so important to learn what you have to do to “maintain” your LLC. Your lawyer and all of the Internet Template sites just ignore that.

By the way, having a corporation “own” your LLC will instantly cut the asset protection value of your LLC in HALF. It’s a disaster! It takes a couple of pages to “explain” that, but not to worry, it’s all covered in my eBook, How to Double Your Asset Protection.

Getting double the asset protection is a big deal. Plus, if you use your LLC right, you’ll get a bump in spendable income. That’s a big deal too.

Everything You Need to Know to Double Your Asset Protection Using a Carefully Designed LLC – How to Double Your Asset Protection eBook.

Another big deal is being able to move your company – your LLC – to your family without probate and the long delays and expenses most people have when the business owner dies. That might be a retail business, professional practice, real estate operation, or any other “business.”

Of course, your business is probably your most valuable asset. Will it be taxed in your estate when you die?

The key to avoiding probate issues and estate tax issues hinges on how you “own your LLC.” Can you see how your advisors have screwed you by never discussing ownership issues?



Tomorrow: OOPS the IRS Got Me.

You Can Get Double the Asset Protection

I’m seeing more people lose their business these days, because they get in trouble personally, than I am seeing people losing their personal assets because their business gets into trouble.

How do you protect your business from your personal problems? There’s a whole world out there that your advisers have never warned you about.

If you haven’t done so already, pick up the How to Double Your Asset Protection eBook, and get all the details your lawyers never showed you. If you aren’t enlightened and think you can get the double asset protection, just request a refund. It’s that simple.Only $14.99!

Tomorrow : LLC Overlooked Issue No. 4, “OOPS, the IRS Got Me”

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