My friend has a LLC for some property he owns with his wife. I know that a husband and wife count as one for the number of members (owners) and the LLC has zero asset protection.
The question is, if he adds his kids, under 18, will he get around the solo ownership have a valid LLC, asset protection wise?
A solo member LLC has zero asset protection because of two lawsuits: Albrecht in CO and another in CA. The LLC replaces a GP and needs two or more owners to be valid. A solo is disregarded by the IRS and is a sole proprietorship. Many people don't realize these facts.
The question is, if he adds his kids, under 18, will he get around the solo ownership have a valid LLC, asset protection wise?
A solo member LLC has zero asset protection because of two lawsuits: Albrecht in CO and another in CA. The LLC replaces a GP and needs two or more owners to be valid. A solo is disregarded by the IRS and is a sole proprietorship. Many people don't realize these facts.
