LLC sales gimmick?? Thoughts...

[Bruce Froman]

I just listened in on REIClub's Al Aiello's "LLC Master Machine Asset Protection" System webinar, He has set up a 121 page LLC contract to keep members 100% private and protected from basically everything and everyone, set up in Wyoming (not Nevada like we've tried to be sold on), and includes documentation like min. of meetings, member certificates, operating agreements and resolutions, all documented and ready to go. Plus some additional education/documents like POA letters, how to set up a c-corp within your LLC as 2% for additional tax savings and how to make all previous classes deductible before you own real estate. This also includes setting up your LLC minus state fees.

"All for the low cost of $895".

If you could have invested that money to know these things beforehand, would you have? Is this a steal compared to how much some of you have spent setting up your LLC?

[Jerry W.]

The fee for filing an LLC in Wyoming is $100, and the basic forms are online for free at the Secretary of States office. I usually charge $150 to set one up for someone and order them a corporate book for about $80 that has pre printed minutes and even basic operating agreements.

    I am not as active as I used to be in corporate law, but it seems a bit high.  You need a resident agent for a Wyoming corp if I accept doing that I charge about $50 to $150 per year based upon a lot of items.  I am skeptical about any claims of being totally sure your identity can never be obtained or no liability claims.  I would probably have to view the information in order to give a stronger opinion.  While Wyoming has no income taxes there are a lot of tax issues that become involved when you begin adding layers of companies.  I wouldn't mind getting a look at their documents but I have concerns that the liability protection may not be what it is hyped up to be.