How a LLC may be utilized in Asset Protection 

The LLC or Limited Liability Company as its known, is a seperate legal entity from its members. As such it can perform most duties that an individual person can, such as sign documents, engage in litigation, borrow and incur debt. In the U.S the Nevada LLC and the Delaware LLC are two of the most common LLC formation when undertaking business enterprises.

In most cases, the LLC affords protection from liabilities (with the exception of taxes) for its members, and limits potential losses to the investment made by the member in the LLC. As a result the LLC formation is a common asset protection structure when conducting business and for the protection of assets.

Any asset protection plan utilizing an LLC, should take your personal privacy into consideration because your name will appear on documents that have to be executed in the establishment and management of the LLC such as finance applications, the opening of a bank account for the LLC, entering into business contracts and the issuing of stock in the LLC.

Features of the LLC

• Owners are called members not shareholders
• Membership is unlimited and may include individuals, corporations and LLC's. 
• Members cannot be held personally liable for the debts of the LLC
• Any profits, losses or expenses flow through into the hands of the members
• No resolutions or meetings are required
• Profit distributions can be varied from member to member
• Profits are taxed in the hands of the members 
• The LLC is wound up if the member becomes bankrupt or dies.
• Ownership interests may be transferred
• The LLC is a very flexible form of business entity

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