How Do I Protect My Assets? Do I Need an Llc?

If you have a business an LLC can often be a great option. With proper planning, an LLC can protect your personal assets from business liabilities. For example, say you own a rental property in your own name and someone is seriously injured on the property. That person then files a lawsuit against you and wins a $1 million judgment against you personally. Your vacation home in Cloudcroft may be subject to that judgment.  If you instead had the rental property in an LLC, your vacation home in your name could be protected from LLC debts. Caution: the LLC must be properly managed in order to maintain this creditor protection and this blog is not intended as a substitute for personally-tailored legal advice. It is vitally important to get competent legal representation regarding this kind of transaction.