Setting Up a Parent/Foreign Wyoming LLC
Hi Everyone!
I'm looking to setup a parent/foreign Wyoming LLC. My plan is to setup a parent Wyoming LLC that will hold another LLC that will be holding my properties. I'm not exactly sure where to start or whom to contact regarding setting up this LLC. Does anyone have any recommendations or trusted attorneys they've used to set up theirs?
Any help is greatly appreciated! Thank you!
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#5 All Forums Contributor
- Attorney
- Philadelphia
Most investors who form Wyoming LLC's do so with the belief anonymity= liability protection. Many actually operate their real estate businesses more recklessly because of this false sense of security. I personally blame the alarmist asset protection firms, some of which are big on ad spending on social media to get in front of new investors who don't know any better (no fault of their own). Meanwhile they are spending thousands on asset protection before they have assets that are worth protecting. There's also the CTA that came into effect at the start of this year. Not even Wyoming is exempt.
Unfortunately most investors focus their time and resources on preparing for the liability event rather than proactively operating their businesses in a manner that prevents the liability event from occurring. Meanwhile they aren't even properly prepared because their focus is solely on forming Wyoming LLC's but lacked the appropriate types of insurance, operate with unlicensed and uninsured vendors, never sign contracts etc. I've spoken to a ton of BP members in the last year who fit this mold. Nothing wrong with a Wyoming LLC (although I will argue it's not necessary) but its emphasized over all else and that's causing real harm in how many are operating their businesses.