What can happen if I'm not an LLC? 2 posts by 2 users

Posted: 04/02/2008 at 09:28AM

Will,

The main reason for forming an LLC is to protect your own assets. There have been instances where people have felt that they were ripped off or felt that they were subject of fraud and decided to sue the person that did the short sale. Hopefully, you have CYA letters and letters/contracts that have been reviewed to be compliant with the laws in your area and don't have to worry about that. However, the risk is if they by chance win their case, your personal assets are at risk. If the transaction is done in the name of your LLC, the only assets that are at risk are those that belong to the LLC.

Hope this helps and good luck with the deals you have working!