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Old 12-27-2011, 09:33 AM
 
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Me and my partner are thinking about starting an LLC. I don't want my name on the LLC however I want my interest in the business recognized and protected.

Is there anyway to protect my interest in the business but not have my name on the LLC?

I'm in IL if that maters.
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Old 12-27-2011, 09:46 AM
 
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When you say partner - do you mean business partner?

Like a formal business partnership?

If so -- First -- plan on ending that . . . yesterday.

The rest -- sure -- you can have a holding company/corporation/agent as the filer and the listed member of the LLC.
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Old 12-27-2011, 11:34 AM
 
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why don't you want your name on an LLC?
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Old 12-27-2011, 07:34 PM
 
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Originally Posted by SD4020 View Post
why don't you want your name on an LLC?
Mainly I just like keeping things private in general and I think Nevada and many states are automatically private when doing an llc not an IL llc though.

The ohter thing, I don't have a non compete with my work and I'm not even a competitor of them but its sort of in the same industry and just want to avoid any potential problems.
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Old 12-27-2011, 07:35 PM
 
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Quote:
Originally Posted by Philip T View Post
When you say partner - do you mean business partner?

Like a formal business partnership?

If so -- First -- plan on ending that . . . yesterday.

The rest -- sure -- you can have a holding company/corporation/agent as the filer and the listed member of the LLC.
Sorry for a dumb question but I've never done anything like this before. Wouldn't my name then be on the holding company?

Also, I think an LLC is gonna cost me about $700 how much extra ballpark am I looking at to set up a holding company or corporation to have the llc under?
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Old 12-27-2011, 08:12 PM
 
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Gotcha. You might be better off forming an S corp and be listed as an investor. If there is a potential conflict with a noncompete you would should consult with an attorney who is up to speed on business law. perhaps be an "angel investor" is the route.
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Old 12-27-2011, 08:36 PM
 
Location: Destrehan, Louisiana
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Look into having an living revocable trust fund own the LLC.


busta
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Old 12-28-2011, 05:43 PM
 
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hi guys I am very new to all these LLC thing...a friend told me you can have a corporation (not really a corporation with building etc..more like a paper corporation) and just put your house and moneys under the corporation's name....and when you get divorced or a lawsuit (anything else besides those 2?) then they can't touch your corporation and the assets under it....can someone please explain to me how this works? does it really work? any disadvantage to this? thanks a lot
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Old 12-28-2011, 08:03 PM
 
27,554 posts, read 35,702,166 times
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Originally Posted by okaythen01 View Post
hi guys I am very new to all these LLC thing...a friend told me you can have a corporation (not really a corporation with building etc..more like a paper corporation) and just put your house and moneys under the corporation's name....and when you get divorced or a lawsuit (anything else besides those 2?) then they can't touch your corporation and the assets under it....can someone please explain to me how this works? does it really work? any disadvantage to this? thanks a lot
Here is some reading.

What is corporation? definition and meaning

If you are running a business it is an entity that has separate legal standing from its investors. It has legal rights etc.

The disadvantage is further government regulation. If you place house or other property of the cooperation it can be garnished in case of litigation of loan default.

Taxes may pose another disadvantage, you will have to report dividend and income from the corporation. And the corporation is also responsible for its own taxes.
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Old 12-29-2011, 08:24 AM
 
Location: NC
6,032 posts, read 8,432,257 times
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Quote:
Originally Posted by okaythen01 View Post
hi guys I am very new to all these LLC thing...a friend told me you can have a corporation (not really a corporation with building etc..more like a paper corporation) and just put your house and moneys under the corporation's name....and when you get divorced or a lawsuit (anything else besides those 2?) then they can't touch your corporation and the assets under it....can someone please explain to me how this works? does it really work? any disadvantage to this? thanks a lot
No this strategy invoices tax evasion and has other issues... You could setup an irrevocable trust and place your home in it....

Some states have homestead laws protecting your home from lawsuit recovery etc...

Remember that when you structure something and design it to evade taxes or hide assets, it will be most likely that a judge will unwind those transactions.

For example, Joe Paterno recently gifted his house to his wife for $1.00....
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