Have a question regarding how to setup the asset protection. From what I have read, LLC seems to be the best choice. But ]I also read about the trust and LP, so i am bit confused as to how to structure it. If you have similar experience, can share your experience or opinion.
We are located in NYC, and have a few properties in the area, including coops ( which I was told, we can't transfer to LLC, is it correct?). We also have a few properties in TX. Where should we have the LLC/LP? considering the fees associated with having the LLC each year, should we set it in a different state other than NY/TX? Would that be too complicated during tax season?
Lastly, do u have any lawyers you can recommend NY and TX?
Thank you for your reply!
This topic is discussed endlessly on BP. The best resource I know of is the book "How to Use Limited Liability Companies & Limited Partnerships" by Garrett Sutton. See also
The principle to remember is: Control everything, own nothing. If you look broke on paper there's no reason to try and sue you.
You'll want to find a good tax accountant / tax attorney. They can be a bit hard to find. I have a reference I can give you if you don't find anything you like locally or on the web.
As an advance investor, you might end up with a structure where you have a personal or family trust as your first line of defense (it's all about asset protection and managing liability). Then, the other entities have the trust as one of the members / owners instead of you personally. The rest is for you and your team to decide how to structure your business.
Be advised that some entities cannot have a non-human as an owner or member. Consult your legal counsel for specifics - I'm not an attorney.
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