Can a Creditor Take Your LLC? What They CAN And CAN'T DO

Comments · 20

• TO

  @TobyMathis · 1 month ago (edited) · pinned

  Would you like to learn more about hiding your assets? Schedule a free strategy session here: <a href="https://aba.link/tlbm">https://aba.link/tlbm</a>

  1

• EL

  @ElleKay4Life · 1 month ago

  Get umbrella insurance problem solved.

  1

• BE

  @Bestdog4U · 1 month ago

  ❤What do we do? A trust of a certain kind ❤ please respond ❤❤❤

  1

• DA

  @danbutler7708 · 1 month ago

  Excellent excellent 👍👍

• RA

  @RamTrucks590 · 12 days ago

  Ok, I understand charging orders keep someone from getting money inside my llc, but what if I need the money or I want to sell the property?

• DM

  @dman378 · 1 month ago

  Multi-tiered LLCs break down real fast in a slip-and-fall. If you manage the rental even slightly, plaintiff lawyers will name both the LLC and you personally under CA operational control laws. Skip relying strictly on entity shields. Get a $5M+ umbrella policy: lawyers want to settle, and deep limits are what actually protect your personal assets.

• BD

  @bdcochran01 · 1 month ago

  The answer is &quot;it depends&quot;.<br>1. &nbsp;If you are sued, a judgment obtained, and you are examined, you tell the facts. &nbsp;Facts are objective.<br>2. &nbsp;If you are the sole member of the LLC and the LLC is/was established in the US, the answer is usually &quot;yes&quot;.<br>3. &nbsp;If you have been the sole beneficiary of a Cook Islands or Belize LLC, the response might be (after going through all legal procedures in those jurisdictions), a qualified &quot;yes&quot;. &nbsp;However, essentially, you have to start all over again.<br>4. &nbsp;If your LLC is done in a sympathetic state to you and you have more than one member, only a charging order may work and if there are no distributions no one can collect or they will settle for pennies on the dollar., <br><br>This is why you have a specialist speak with you about the options when you set up the LLC.

• GR

  @gregm3023 · 1 month ago

  Potential issue with the Wyoming LLC set up. Banks require proof of a physical business address to open a business checking account in the LLC name. The Registered Agent address is not acceptable to the bank (Wells Fargo, Chase, etc). Forms of Proof of Address include a copy of a lease, utility bill, etc in the LLC name. Without a dedicated business bank account, funds are comingled with personal and LLC protection is lost? How do you overcome the address hurdle?

• AN

  @andrewspies1968 · 1 month ago

  Should be as difficult as possible to access your LLC. Would not it be better to put the LLC into a trust? You could then access the trust without the creditor being able to touch it.

• TX

  @TxmH-j7d · 1 month ago

  Hi Toby. Thank you for the education! Regarding the situation where a creditor is simply waiting for me to take a distribution, May I ask: Does that include my W2 income from by business? Garnishing my wages? Or would my paycheck be safe and just the extra distributions are at risk? Additionally, sorry i cant remember perfectly, but i remember someone telling me that, if distributions are taken, distributions have to be paid out to all members according to the percentage of the business that they own. For example 50% to me, and my wife 50%. Would me not taking distributions then affect her ability to take distributions somehow?

• AZ

  @AzadMansouri-vw3xj · 1 month ago

  Hey Toby, thanks for these great educational videos. I have a question: what if the creditor is very patient and waits until I die, what happens then? Can they collect on the judgment then?

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• AN

  @andresvasquezofficial · 1 month ago

  Question for a Florida resident: If I personally own a single-member Wyoming LLC as my holding company, how do you address Wells Fargo Bank v. Barber? Could a Florida court treat my Wyoming LLC membership interest as intangible property located in Florida and apply Florida creditor-remedy law, potentially bypassing Wyoming’s exclusive charging-order protection because I’m a Florida resident? Would you still recommend a Wyoming SMLLC for a Florida resident, and if so, why?