Jun
5
josh n
I have a foreclosure coming up soon in new jersey and i was wondering if setting up an limited liability company would be a smart move to protect cash monies. i live in florida so they cant touch my house here and as head of household they cant garnish my wages. i would like to put all my money into a bank account under my LLC.does anybody have knowledge of this kind of asset protection.
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I have a foreclosure coming up soon in new jersey and i was wondering if setting up an limited liability company would be a smart move to protect cash monies. i live in florida so they cant touch my house here and as head of household they cant garnish my wages. i would like to put all my money into a bank account under my LLC.does anybody have knowledge of this kind of asset protection.
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One Response to “is setting up an llc important to protect assets from a judgement?”
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If the LLC is set-up for a legitimate business that yes it is a good idea. If you are setting it up as a way of hiding money with no legitimate reason for the LLC other that to stash assets, then your LLC is pretty worthless. You must prove that those assets are for business purposes.