How can a limited liability company provide me with asset protection?
An LLC has great asset protection benefits. By placing your assets in an LLC, if you have a personal creditor, the creditor will be limited to a charging order against your LLC interest. They would not have any control over the company. They’d only be able to get distributions if they’re made. If you stay on as the manager of the LLC, you control when distributions are made and can turn off distributions. If you have an asset that you transfer to an LLC, you’re, also, insulating any liabilities from that asset from your other assets. As a creditor of the LLC, would be limited to obtaining only the assets at the LLC to obtain its judgment.