Don’t fall for costly anonymity trap

[Stuart Udis]

Before you are lured into spending thousands on anonymity through Wyoming LLC's, Management LLC's or whatever the flavor of the week happens to be believing that will protect you from lawsuits ask yourself why individuals with real assets don't use the same strategies?

Here’s the difference…. you can walk around this mix-use complex without spotting premises liability traps, I’m confident everyone who performs services is licensed and insured and the building ownership is listed as additional insured with sound contract management.  That’s how you prevent liability,  not hiding in the cloaks of secrecy.

[Chris Seveney]

Quote from @Stuart Udis:

Before you are lured into spending thousands on anonymity through Wyoming LLC's, Management LLC's or whatever the flavor of the week happens to be believing that will protect you from lawsuits ask yourself why individuals with real assets don't use the same strategies?

Here’s the difference…. you can walk around this mix-use complex without spotting premises liability traps, I’m confident everyone who performs services is licensed and insured and the building ownership is listed as additional insured with sound contract management.  That’s how you prevent liability,  not hiding in the cloaks of secrecy.

 I agree - so many gurus out there telling people crazy things such as:

1. Get a LLC and then a Wyoming Holding company LLC...

2. Buy each property (single family) in its own LLC

3. IF you do not buy them in a separate LLC, have a separate bank account for each (this tops the list of one of the dumbest)

Also, there is a HUGE difference between commercial property and residential property from legal, financing and risk mitigation. Many will preach commercial practices on a single family.