 Wyoming LLC (by Natasha [MD]) Aug 7, 2020 6:41 AM
 Wyoming LLC (by razorback_tim [AR]) Aug 7, 2020 8:43 AM
Wyoming LLC (by Lisa [PA]) Aug 7, 2020 9:26 AM
Wyoming LLC (by Barb [MO]) Aug 7, 2020 11:35 AM
Wyoming LLC (by BRAD 20,000 [IN]) Aug 7, 2020 4:02 PM
Wyoming LLC (by Mike45 [NV]) Aug 7, 2020 4:46 PM
Wyoming LLC (by Jeffrey [VA]) Aug 7, 2020 6:24 PM
Wyoming LLC (by Lisa [PA]) Aug 7, 2020 8:15 PM
Wyoming LLC (by Bill [KY]) Aug 7, 2020 8:39 PM
Wyoming LLC (by Natasha [MD]) Aug 8, 2020 7:54 AM
Wyoming LLC (by Natasha [MD]) Posted on: Aug 7, 2020 6:41 AM
Message:
We currently have multiple LLC's for different apartment buildings in 1 state. We have been advised to look into getting a Wyoming LLC to use as a holding company for asset protection. The purpose would be to hold rental property in our state's LLC and have our Wyoming LLC own our state's LLC; removing ourselves from directly owning our rental property. The advantages we are told are to maximize taxes, create anonymity and the need for charging order protection. Is this overkill protection and perhaps all we really need is a 2 million dollars or more umbrella policy? Anyone have experience with Wyoming LLC and why you did it?
--70.158.xxx.xx |
Wyoming LLC (by razorback_tim [AR]) Posted on: Aug 7, 2020 8:43 AM
Message:
Sounds like something a "guru" would dream up in order to extract money from paranoid rental property owners. Unless you choose to commit perjury, if you get into a lawsuit and the plaintiff has an attorney who knows what they're doing, it will be revealed at some point during discovery that you are a member of the LLC - regardless of whether that is a MD LLC or a WY LLC. If you are self-managing you are going to be named as a defendant from the get-go. --98.174.xxx.xxx |
Wyoming LLC (by Lisa [PA]) Posted on: Aug 7, 2020 9:26 AM
Message:
Hey Natasha! We have a Wyoming LLC. It’s what Al Aiello recommended years’ back. It’s purpose was to prevent a “piercing of the veil.” Our LLC is only set up for our management company. However, our CPA, who is familiar with Al’s ideas said it’s very easy to pierce the veil in PA. Not sure about MD. Our CPA also said a good umbrella policy that covers the value of our properties should be sufficient. Lastly, our properties are privately owned. I know that’s not a good idea, but again, our CPA said good umbrella coverage should take care of a tragedy. The biggies to worry about would be a fire and loss of life or being in a car accident and someone losing a limb or the ability to walk...something like that. That’s what we’ve learned. I’m sure others will have advice as well. --73.64.xxx.xxx |
Wyoming LLC (by Barb [MO]) Posted on: Aug 7, 2020 11:35 AM
Message:
We decided it is a lot easier and a little less expensive to purchase a good umbrella policy than it is to manage all the nested LLCs. --67.43.xxx.xxx |
Wyoming LLC (by BRAD 20,000 [IN]) Posted on: Aug 7, 2020 4:02 PM
Message:
Natasha,
I pay John Hyre, nationally known tax atty and friend of MrLL, $400 per hour for consultation.
He says no on Wyoming or Delaware LLCs.
I just saved you $400. You're welcome!
A friend spent $7000 to set up Wyoming LLCs. His was a total waste of $7000.
BTW When you buy your Lamborghini, Wyoming has no sales tax...but your state is wise to that trick and will follow up with a fat bill.
BRAD
--73.102.xxx.xxx |
Wyoming LLC (by Mike45 [NV]) Posted on: Aug 7, 2020 4:46 PM
Message:
I know nothing about Wyoming LLCs.
I do know that several of the gurus were pushing Nevada LLCs because we allow series LLCs. Simplified, this is like multiple LLCs in one. Each property can be placed in its own cell, separate from the others, without the expense and hassle of forming multiple LLCs.
Nevada also has an important advantage for Trusts, because our Rule Against Perpetuities is based on a 350 year limit. Very few people know what this pertains to, so don't sweat it!
--174.30.xxx.xxx |
Wyoming LLC (by Jeffrey [VA]) Posted on: Aug 7, 2020 6:24 PM
Message:
Hey Natasha, to follow up on Brad's note, John Hyre will be one of the featured instructors at the Landlord Retreat in Cancun in January. Since you are coming, you will be able to ask him and get his feedback directly. He will most likely also be able to suggest what he would recommend that would accomplish your objectives.
Lisa, hi. I saw something you posted o your twitter a few weeks back. Are you doing okay? --70.161.xxx.xxx |
Wyoming LLC (by Lisa [PA]) Posted on: Aug 7, 2020 8:15 PM
Message:
Hi Jeffrey! We are doing fine...that Tweet was probably a joke on another Tweet. :-) See you all in January (Lord-willing!). John’s counting on it because it’s one of his favorite vacations. --73.64.xxx.xxx |
Wyoming LLC (by Bill [KY]) Posted on: Aug 7, 2020 8:39 PM
Message:
My father in law is a real estate atty and landlord. I asked this question and he stated any 1L law student can pierce the corporate veil. Don’t skimp on umbrella coverage. --75.89.xxx.xx |
Wyoming LLC (by Natasha [MD]) Posted on: Aug 8, 2020 7:54 AM
Message:
Thanks for all the suggestions. This tells me I need to do more research. Hey Lisa & Jeffrey, thanks for the shout out and hope you both are doing well. --5.62.xx.xxx |
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