Mark Kohler explains that filing an LLC with the state is just the start. Real asset protection requires articles of organization, an operating agreement, minutes, a record book, and membership certificates. Without these documents, your LLC won't actually protect you from lawsuits or the IRS.
One of the biggest myths out there is an LLC is just filing with the state. Pay 50 bucks, whatever, and you're protected forever. That's not true. A real LLC has multiple layers as articles of organization, an operating agreement, an initial resolution in minutes, a corporate record book, membership certificates. And without those pieces, you don't actually have the asset protection you think you do. And both the IRS or an attorney coming after you knows exactly what to look for. So if you don't set it up properly, you don't actually have an llc. You just have some paperwork. So this is what we call at our law firm a cleanup. You might need to just get these pieces and parts done now. We don't want to throw the baby out with the bathwater. If you've already filed or paid for pieces and parts, maybe even have a talk with a lawyer and say, you know what? I did this by myself online. Can you help me understand what I've got now and what I need to do?
The secret to managing your family's future #financialfreedom #estateplanning #shorts
Moving Property to an LLC: What They Don't Tell You #realestate #investing #tips
