More threads by Jack_2

Jack_2

Member
Joined
Dec 31, 2021
Messages
1
Hey Guys,

I am consultant, usually working on short term projects (3-18 months). Some of the engagements are W2 some 1099; usually 30-50 hours per week (I am hourly paid, no benefits, regardless of the engagement type).
My wife is a homemaker and is not planning to return to work in foreseeable future.

As the life these days is unpredictable and we have some available assets, I was thinking about registering an anonymous LLC (which in fact will be managed by my wife) to do the following:

1. Substitute my W2 engagements with corp-to-corp (many of my clients are not allowed to contract consultants directly and W2 thru other company eats a large chunk of rate).
2. Buy a few properties (mainly parcels and farms) and sell them after a few years (when I retire)

You may wonder why do I consider an anonymous LLC? For two reasons - first, see #1 above, plus - I HOPE this would allow us to retain properties if something unexpected happens forcing us to file for bankruptcy.

Does, what I described above, a legitimate case for LLC? Is this legal?

Thanks and Happy New Year!
Jack!
 

mirkymirko

Member
Joined
Dec 15, 2021
Messages
25
I'm not in legal but I'm pretty sure this is legal. I think an anonymous LLC is a great way to protect your personal assets from being attached by creditors. If you are in the unfortunate situation of becoming involved with legal proceedings that involve another person or company, an anonymous LLC can shield your personal assets from being taken by this other party. Just like what you stated above.

This will allow you time to resolve the issue without risking losing everything because of insufficient funds. Additionally, it's much more difficult for third parties who don't know about the existence of an asset to successfully claim ownership if there is no records showing its ownership at all - which is what would happen if something was not done about establishing identity before initiating litigation against someone else!
 

KizaruMars

Member
Joined
Jul 12, 2022
Messages
4
Wow, it’s a useful thread. And your idea is pretty good. The plan is well-thought, and I think you won’t get backported in any possible case. After reading this, I even started thinking of trying something like that too. However, I’ve got a few issues to consider, and I hope you can help me, guys. My business has been going well lately, and I’m planning to open more offices (travel agency). If they have the same success, I plan to save part of the money to buy and refinance real estate. The plan is to buy a house, refurbish it, and sell it later, in a few years, if it’s evaluated much higher. I plan to hire an advisor from https://swpdxlaw.com/services/real-estate for this project. What do you think?
 
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BridgeLoans

Member
Joined
Jun 30, 2022
Messages
4
Keeping more of your consulting earnings and shielding liability sounds good to me.

Here are some additional items to consider (non-exhaustive list):
I am not an attorney or an expert. My post may be inaccurate, unsuitable, insufficient, incomplete, or inappropriate for any given situation, it may be otherwise flawed, and should not be relied upon.
 

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