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Tax, SDIRAs & Cost Segregation
HomeForumsTax, SDIRAs & Cost SegregationPersonal Guarantee for LLC - Asset Protection?
Steven Tawresey's profile image
Steven Tawresey's profile image
Steven Tawresey
  • Flipper/Rehabber
  • from Bainbridge Island, WA
  • Member since Nov 11, 2009
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Steven Tawresey's profile image
Steven Tawresey's profile image
Steven Tawresey
  • Flipper/Rehabber
  • from Bainbridge Island, WA
  • Member since Nov 11, 2009
Connect
Steven Tawresey
  • Flipper/Rehabber
  • Bainbridge Island, WA
70
Votes |
97
Posts
Tax, SDIRAs & Cost Segregation

Personal Guarantee for LLC - Asset Protection?

Steven Tawresey
  • Flipper/Rehabber
  • Bainbridge Island, WA
Posted May 15 2015, 08:41

So I understand LLCs. I'm not looking for a lesson on the benefits. I am 1 fax away from having an attorney set up my multi-member entity, Operating Agreement, etc.

I also understand the reasons why banks don't like lending to new LLC's and why they need a personal guarantor when using a commercial loan to the LLC.

My question is, doesn't that ruin your separation of liability? For example, the LLC buys a property using a commercial loan guaranteed by my personal credit. If that LLC gets sued for whatever reason, can't they come after my personal assets?

I'm looking at out-of-state buy and holds in particular. Living in Denver doesn't give me many options currently.

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