gerard2006
Member
- Jurisdiction
- Wyoming
I am a regular W-2 employee and have no business today. I live in NYC and planning to form a Wyoming LLC purely from an asset protection standpoint. In this LLC, I plan to initiate some basic CD's with banks in different states wherever I can get a good interest rate, maybe the Fidelity brokerage account. I will also be adding an investment into a passive real estate apartment syndicate which itself is under the construct of an LLC and my liability in that LLC is only limited to the extent of my investment. I've found a good company to do the legwork and for a few hundred for initiation and maintenance every year, they become my registered agent. My main case for asset protection is I've had friends and neighbors get targeted with frivolous lawsuits - things like folks slipping on sidewalk or one uninsured handyman injuring himself while working on a home depot rental wood working machine (very hard to find bonded and insured workers in NYC). Although I can also establish umbrella insurance, the costs for this are far higher as you have to get a much higher auto insurance coverage to even be eligible to get umbrella. In a nutshell, I'm trying to transfer as many personal assets into a Wyoming LLC
Questions
- I know nothing is fool-proof (not even cook's island trusts) but I've also heard cases where attorneys don't really want to go up against Wyoming LLC's because of the single member charging order protection and hence they are more likely to settle out of court. Any opinion?
- Since I'm not really conducting a business and simply investing in CD's and passive real estate, does that really constitute a business that'll require me to register the Wyoming LLC in NY as well as a foreign entity?
Thanks
Questions
- I know nothing is fool-proof (not even cook's island trusts) but I've also heard cases where attorneys don't really want to go up against Wyoming LLC's because of the single member charging order protection and hence they are more likely to settle out of court. Any opinion?
- Since I'm not really conducting a business and simply investing in CD's and passive real estate, does that really constitute a business that'll require me to register the Wyoming LLC in NY as well as a foreign entity?
Thanks
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