Very helpful! Thank you, sir. I plan to unwind past owner contributions over the next year using the owner distribution method. I'll place those distributions in my Wyoming LLC and loan them from this point forward. Sounds like a great technique to reduce exposure. Thanks loads.
Once again, very good and useful information. Question: Would the WY LLC be a single-member LLC or multi-member, which is preferable for asset protection?
Clint, I'm closing an LLC and want to transfer the funds (about 30k) to another existing LLC. Would I take it out as a distribution and then put it into the other as a contribution? Or just wire it from one LLC to another?
Yes it is call re-domestication. If you would like a FREE 30-minute consultation, you can request one here - aba.link/clintss or you can send me an email at ccoons@andersonadvisors.com, and I will have someone contact you.
Would you like to learn more about this topic and talk to someone? Schedule a free consultation here: aba.link/dot
You are truly exceptional, Clint! Thanks for another informative and valuable post!
glad you enjoyed the video
You explain things in such an easy-to-understand way!
Very helpful! Thank you, sir. I plan to unwind past owner contributions over the next year using the owner distribution method. I'll place those distributions in my Wyoming LLC and loan them from this point forward. Sounds like a great technique to reduce exposure. Thanks loads.
You are welcome.
Thank you Clint!
Do you have videos on how to CLOSE an LLC? 🤔
Check out this video th-cam.com/video/h3gUgzn4OKU/w-d-xo.htmlsi=blfNkGLRsj5m4hEO
@ClintCoons perfect! Exactly what I was looking for.
Since you are doing a loan from WY LLC to another LLC, do you usually include in the terms a %APR interest rate or not?
Id say yes, treat it like a loan to anyone else.
Yes you do.
Clint - if you play chess, I want you on my team
Once again, very good and useful information. Question: Would the WY LLC be a single-member LLC or multi-member, which is preferable for asset protection?
Either works. The decision comes down to the purpose for the LLC I.e., will it hold real estate LLCs or financial assets.
❤
Clint, in the loan scenario, what is the reason of the 10% contribution? Why not make it 100% loan and 0% contribution? Thanks!
To avoid the risk a creditor argues your LLC was undercapitalized thereby allowing a court to pierce the veil. Great Question!
@@ClintCoons got it. Thank you!
How critical is making the UCC1 filing?
Very if you want to be considered a secured creditor.
Clint, I'm closing an LLC and want to transfer the funds (about 30k) to another existing LLC. Would I take it out as a distribution and then put it into the other as a contribution? Or just wire it from one LLC to another?
I am looking for a new accountant, any suggestions in Indiana?
We provided services nationwide.
Can you move an LLC from a different state into Wyoming?
Yes it is call re-domestication. If you would like a FREE 30-minute consultation, you can request one here
- aba.link/clintss or you can send me an email at ccoons@andersonadvisors.com, and I will have someone contact you.