Posted by Al (Wi) on June 30, 2003 at 20:46:15:
I have been looking for the answer to that question also.
Gaylord & Associates (R/E people, not lawyers)of Des Plaines Illinois gave me the same answer as your lawyer gave you. Funny, their company was reorganized as an LLC about 6 months before they told me to rely on liability insurance alone.
I just found this yesterday.
In chapter 2 paragraph 1 the author says:" There is no shield from liability other than insurance coverage WHICH USUALLY DOES NOT COVER DEBTS AND FINANCIAL OBLIGATIONS".
Another ‘discovery’ I made in that document is that the LLC needs to be written to get the contents of the LLC to your heirs in the event of incapacitation or death. After reading that, I think I will stay away from the ‘opportunity’ to go online and generate my own LLC (at the Wisconsin.gov site)for $130.