A recent article in the New York Times provides a reminder of how flexible and versatile limited liability companies have become.
Facebook CEO Mark Zuckerberg and his wife recently announced that they would eventually give away 99% of their shares of Facebook during their lifetimes. When they said that they would use a company to
S Corporations and LLCs are both “pass through” entities for federal income tax purposes. That is, owners are taxed on dividends/distributions; but the entity itself is not subject to federal income tax. And, as I mentioned in previous posts –on March 26, 2014, July 2, 2009 and June 3, 2009 –both an S Corp
Nevis (a small island in the Caribbean) is currently a good choice for an offshore limited liability
company.
Nevis recently amended its LLC Ordinance to better limit fraudulent transfer claims, and also to make it more difficult to enforce foreign judgments. Nevis also now requires an LLC creditor to post a large bond to secure
Some states require public disclosure about LLC owners/managers/officers and others do not. Ohio is one of the states that requires no such public disclosure.
But keep in mind that ultimately, a creditor can always discover who the owners and managers are. Once a lawsuit is filed, the identity of the members, managers and/or officers will
It has been a little more than two years since Ohio became one of the top asset protection jurisdictions in the United States. Many people — including many attorneys–are still not fully aware of this dramatic development. But word is slowly getting out. We are getting more and more inquiries about Ohio’s Legacy Trust Statute
Both corporations and LLCs provide asset protection in that the owner will generally not be responsible for debts of the entity. But when it comes to protecting an owner’s personal assets from his or her personal creditors, an LLC generally offers better protection than a corporation. A creditor who controls the stock of a corporation
The Ohio Legacy Trust Act (part of Ohio House Bill 479) becomes effective on March 27, 2013. Ohio will become one of approximately 15 states with what is commonly called a Domestic Asset Protection Trust Statute.
Ohio House Bill 479 also increases the Ohio homestead exemption and makes other changes that offer better asset protection
Following up on my post of April 13, 2012 —
Ohio House Bill 48 (which becomes effective on May 4, 2012) makes important changes to Sections 1705.18 and 1705.19 of the Ohio Revised Code. A new Section 1705.19(C) provides:
No creditor of a member of a limited liability company or any member’s assignee shall have
Ohio House Bill 48 (signed by Governer Kasich on February 2, 2012) makes some significant changes to Ohio’s LLC law. The new legislation (which becomes effective on May 4, 2012) affects Sections 1705.18 and 1705.19 of the Ohio Revised Code.
The new legislation clarifies that a charging order is the sole and exclusive remedy for
On June 16, 2011, Nevada’s governor signed a new law specifically making a charging order the exclusive remedy of a judgment creditor against owners of both LLCs and corporations in Nevada. The legislation specifically includes a sole member of an LLC and a sole shareholder of a corporation.
Nevada is clearly working to provide better asset protection for
