Asset protection is a double swinging door.  Many people tend to plan their asset protection from only the business side, to protect their personal assets if their business fails.  This is a mistake.  Of course it works just fine when your business gets in trouble.   It blocks creditors coming through the door after you and your home and savings account and other personal assets.  But what about when you get in trouble personally?  Say you are in an accident or suffer an illness and you can’t pay your bills.

When starting a business, everyone wants to structure it to protect, their house, summer cabin, bank accounts and retirement nest egg.  But if they thought about it they would realize that their business is their most valuable asset.  It is basically the source of all their assets.  When you consider asset protection you should see the value of both your personal and business assets.  Even though business owners do tons of “asset protection” trying to protect their personal assets, they need to protect their businesses too.  Many businesses are lost when a personal disaster strikes.

Business structuring using an LLC has double asset protection. Like a corporation, an LLC has all the aspects of the corporate shield, but it also has partnership charging order protection.  This gives an LLC a distinct advantage.  The LLC protects from both sides of the door.  You may be wondering, “If LLCs are so good why are corporations still the most common business entity?  It is because LLCs plus charging order protection are “relatively” new.  Corporations have always been the “standard business entity.”  People have heard of them and so they use them.   Still when you do the research you will probably find that an LLC is the best small business entity.

Some thieves will use the deceased information to get duplicate driver’s licenses and birth certificates.  They take these documents and use them to get credit.  Others target grieving family members with all kinds of scams.  Nobody needs that during an already tragic time.  This is so prevalent that I always council my clients to make no financial decisions for six months after the funeral.  Another problem is securing your home. In our neighborhood some of the men actually stay at the deceased’s home during the funeral because we have had robberies occur during funerals.

As you prepare your obituary, here is some information to leave out. Never give your exact birth date or address. This makes it harder for identity thieves to track down your information. It also keeps robbers away from your house. Don’t give out the full names of other living relatives; thieves will sometimes access and use their information.

The question I ask is “Does this mean these self employed are barely making it or are they making more than the rest of us because they are getting really great tax benefits?”   I would like to think it is the later.   I have always said that your own small business is your best tax deduction.  It looks as though these figures bare that out.

You may have read that

Mrs Bettencourt’s lawyer plans to appeal the decision, but for now Liliane Bettencourt wealth and property is being controlled by her daughter Francoise Bettencourt-Meyers.

Mrs. Bettencourt and her daughter have been involved in a very public feud over the fate of the L’Oreal fortune, France’s third-largest estate, for many years with her daughter arguing that her mother is mentally unfit to manage her wealth.

This is the very type of case that can be prevented if you have signed a Durable Power for Healthcare.    Under the terms of this document you can define how you will be determined incompetent and who will take over managing your estate.  You do not need to have someone who you hate take over your affairs.

The important thing is to make certain that you sign this document before you get in trouble.

The parents who had a six week old infant and a small child aren’t getting much sympathy. They have become a target for late-night jabs from television hosts like Jay Leno and Chelsea Handler.

Laugh if you will but the family can act as a symbol if you will of the importance of being prepared, before you enter a maze.

In the maze of business start-ups many get trapped.  More than 50% of small businesses fail with in five years of formation.  The correct legal foundation could make all the difference in your business.  What if your have the proper liability shield so that you can deflect a lawsuit?  What if you have structured your business for the most favorable tax climate?  These questions can be answered to your benefit and could save your business.  In the LLC Wizard, it is all there for you.

Usually it is easiest and least expensive to form your LLC in your own state.  You can act as your own agent and most states have made their LLC law competitive.  Florida recently had a case where a single member LLC was disallowed by the court to satisfy a claim. If you can’t form a multi member LLC in Florida you may wish to consider another state.

Does an LLC need a registered agent?

Yes you need a registered agent for Your LLC.  If you live in the state where you formed your LLC you can act as your own registered agent.  It is a good idea to be your own agent, because you do not have to pay someone to do it.  If you are acting as your own agent be certain to answer all legal correspondence by the required date or you could have serious problems.

Usually it is easiest and least expensive to form your LLC in your own state.  You can act as your own agent and most states have made their LLC law competitive.  Florida recently had a case where a single member LLC was disallowed by the court to satisfy a claim. If you can’t form a multi member LLC in Florida you may wish to consider another state.

Does an LLC need a registered agent?

Yes you need a registered agent for Your LLC.  If you live in the state where you formed your LLC you can act as your own registered agent.  It is a good idea to be your own agent, because you do not have to pay someone to do it.  If you are acting as your own agent be certain to answer all legal correspondence by the required date or you could have serious problems.

You probably can.  First look at your LLC Operating Agreement.   This document will govern whether or not you can add new members and the procedure to do it. Usually, a vote of the Members will be required to admit a new Member and the document will require that a certain percentage of the current LLC members must approve.  Make sure all requirements set forth in the LLC Operating Agreement are met and documented.

If the new member is investing a substantial amount of money or other property you should check with an attorney to determine if there are any securities related obligations.

Can I start an LLC and get rid of some liability problems?

The answer is “No.”  It seems that I get this question regularly from people who are dealing with financial or legal problems.  Unfortunately, the liability protection from an LLC begins at the moment it is created.  Forming an LLC for your business activity is always a good idea and don’t wait until a lawsuit is pending. If a properly maintained LLC is in place it can minimize future liability.