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Updated over 6 years ago, 07/27/2018
Single member llc or multi member llc for asset protection
I’m in the works go setting up an llc for fix and flips for asset protection, up till this point Ive been set on doing a single member llc since I wont have any partners. I’ve been reading Loopholes of Real Estate and got worried when I heard a few states (like Florida) can still go after the owner in a lawsuit against the entity in a smllc since they see it as only one persons asset. Can someone shed some light on this, more specifically in Illinois? Would it be better to add someone to the business, I know I’d get taxed harder and have to have workers comp so that’s why I’m trying to avoid going that route.
Thanks in advance