LLC - Posted by Veotis
Posted by Veotis on March 07, 2002 at 14:22:21:
I have been dabbling in the mobile home business for a little while, and now I’m getting serious. As I was having my tax return prepared by the same 75 yr. old man that has prepared them for the last 2 years, I mentioned to him that I had a name reserved with the Secretary of State for an LLC(learned this from Mr. Bronchick’s LLC course) that I was going to form to do my mobile home business out of. He then lectured to me that I wasn’t big enough yet(I own 4 mobile homes) to worry about incorporating or forming an LLC. He also said that there would be no tax benefits and that if anybody sued my LLC, that they would be able to get to me personally. His juices were really flowing on this subject. I just gave up on talking to him about it. Let me add that he is NOT a CPA, he has been doing taxes before I was born(1966) and I was taught to respect my elders.
I was going to follow Mr. Ernest Tew’s advice by having my LLC have debts(high interest loans) owed to a Limited Partnership that I also control. I’m basically going to follow his advice and get everything that I own out of my name. I was wondering what you guys thought of this strategy? The legal part of this is tricky and has me kinda at a stand still. I have plenty of mobile homes around me and the little that I have dabbled into this business has worked. I just don’t want my name on anything. Thanks for listening.
P.S. I’m in Georgia, where we are allowed to have a one person LLC.