What Title to Have in LLC?

[Account Closed]

I was wondering what my title should be registered as in a single person LLC? As of now I registered myself as "Owner" with the state. But after listening to Podcast 105 on asset protection I'm thinking it's better to "control" the LLC rather than "own". For legal purposes if I get sued for something outside of my LLC, would they be able to come after my LLC since I own it? Would love to hear an attorney or anyone else with some advice.

[Christian Carson]

Well, the answer is complicated. It's of course going to depend on your state's laws and interpretations. As a general overview, Florida treats the powers of creditors liberally through the Olmstead doctrine, which held that a judgment creditor is entitled to all the rights of the LLC owner which he/she may freely assign. In a single-member LLC, that's the entire package of management rights, not just the right to distributions and profits. Other states treat creditors with a more restrictive hand, with some states allowing their rights to attach to distributions that you elect to make.