The LLC will protect your personal assets but your real property remains partitionable and subject to liens and encumbrances. I use a land trust to protect the real property and take title in the LLC. Good luck.
I am not a lawyer nor am I able to offer you legal advice, that said your first move should be to consult (and retain) competent counsel...
I have 2 properties, 1 personal and 1 investment (In LLC). if someone decided to file suit, would I also be liable since the vehicle is in my name? and if so, seeing that my investment prop is in an LLC, could it also be attacked?
Typically anyone and everyone that could be named will be named ... you as owner of the vehicle would be second (only to the driver)....
As for your LLC, what ultimately happens depends upon state law in the state it was formed and on your operating agreement.... if all has been set up properly by an asset protection attorney, you may or may not be ok.... so much depends on the state and agreement that I would not want to speculate.....
The first is when your LLC is sued, then only the assets held by the LLC are at risk. Your personal assets should be shielded from liability.
The second path is when you are sued personally for something unrelated to your business activity. In this instance everything you own in your personal name is at risk. Generally speaking, the assets owned by your LLC are protected from exposure.
Your question is in the correct forum now. You had originally posted this question in the Tax Strategies Forum. A moderator moved your question to the Legal Forum.
This is America. Anything can happen. Give us specifics if you want a better response.
The LLC will protect your personal assets but your real property remains partitionable and subject to liens and encumbrances. I use a land trust to protect the real property and take title in the LLC. Good luck.
Da Wiz
a proud non-lawyer
I am not a lawyer nor am I able to offer you legal advice, that said your first move should be to consult (and retain) competent counsel...
I have 2 properties, 1 personal and 1 investment (In LLC). if someone decided to file suit, would I also be liable since the vehicle is in my name? and if so, seeing that my investment prop is in an LLC, could it also be attacked?
Typically anyone and everyone that could be named will be named ... you as owner of the vehicle would be second (only to the driver)....
As for your LLC, what ultimately happens depends upon state law in the state it was formed and on your operating agreement.... if all has been set up properly by an asset protection attorney, you may or may not be ok.... so much depends on the state and agreement that I would not want to speculate.....
Asset protection takes two paths.
The first is when your LLC is sued, then only the assets held by the LLC are at risk. Your personal assets should be shielded from liability.
The second path is when you are sued personally for something unrelated to your business activity. In this instance everything you own in your personal name is at risk. Generally speaking, the assets owned by your LLC are protected from exposure.
I think you posted this question in the wrong forum. I suspect you will get a better response in the Legal Forum.
Your question is in the correct forum now. You had originally posted this question in the Tax Strategies Forum. A moderator moved your question to the Legal Forum.