Investor · New York City, NY · Member since 2013 · 17 posts · 7 votes
Greetings all,
Looking to form a multi-member LLC in Texas. Would love a recommendation for a reputable lawyer so help set up the LLC but also draw up the partnership contract/operating contract between myself and partner.
By setting up a multi-member LLC will not protect your asset but a good insurance policy will. You might ask the lawyer you see if he ever heard of the shotgun approach when you get sued.
The shotgun approach is not exactly ethical unless you have a legitimate reason for believing in the guilt of each of the persons/entities included in the lawsuit. Regardless, an LLC does provide some asset and liability protection.
Lawyers been using the shotgun approach for years to get to the bottom of LLC fraud, and it is nothing new. When you start with your questions to each one of the persons under oath that is involved in a multi-member LLC they will start folding like a cheap deck of cards and sell out the other parties involve in the multi-member LLC for a cheap bottle of wine.