I already have LLC’s, S Corp, or living trusts to protect me to some extent. I want to restructure or continue to use those.
- It’s not uncommon that I’ll speak to investors and they’ll have an LLC that they’ve been using for years. Let me ask you, did you take any steps when you set up your LLC to make it anonymous or is it just a basic LLC? Since it sounds like you didn’t set it up with an Agent Trust nor in a state that offers anonymity, that means I can likely Google your entity and find your name. So of course, we don’t recommend that you’d use that entity as a part of your asset protection plan. Unfortunately, there is no way to retroactively go back in and make that existing LLC anonymous, so the recommendation is that we’d create a new Traditional LLC with anonymity to protect your identity moving forward.
- (IF the entity is well established and has intrinsic value) With the entity that you’ve already got related to the business, since it sounds like you’ve been using it for years and you’d be able to use it to get a business loan or credit card, we’d recommend that you’d transfer any assets currently under this entity into your holding company. Moving forward you can continue to use the existing entity but you’ll run it cash poor and it will not hold your assets. This is so that if anyone were to sue you under this entity, they wouldn’t stand to gain your assets.