You and Your Limited Liability Company

I have stressed the importance of having the correct legal form when you go into business. Today I will address Limited Liability Company (LLC). All LLC owners are protected from personal liability for business debts and claims -- a feature known as "limited liability." This means that if the business owes money or faces a lawsuit, only the assets of the business itself are at risk. Creditors normally can not reach the personal assets, such as a house or car, of the LLC owners. However, since the assets of the LLC are at risk, for some business owners, the use of multiple LLCs would serve to better protect assets.

For example, I had a client that owned multiple rental properties. Several properties were commercial rentals, and the others were single family dwelling rentals. Given the exposure to significant assets and the different business interests, it would not be prudent to place all of the properties under one LLC. Therefore, multiple LLCs were considered as well as other corporate structures. Are your assets adequately protected? Contact our law offices for expert legal advice.

Day Three - St. John

I thought it could not get any better than St. Thomas then I went to St. John. Miles of white sand beaches, crystal clear blue water, unique colorful shops and million dollar homes neatly tucked in the cliffs rising high above the ocean, all welcomed the ferry I traveled on to reach St. John. Our first stop was the bookstore at the National Park Headquarters.

It was a small section of the Welcome Center devoted to books. This bookstore, like Dockside in St. Thomas, will stock my book. And the pre-release continues.

The land in St. John is now very expensive If you ownn land on the Island, I was told by a long time resident, the value has greatly appreciated. The questions from residents of this jewel of the Virgin Island did center on real estate. The concern by some was how to keep real estate within the family for generations. This is where a trust or even a LLC (especially for rental properties) may serve as the best course of action. Stay tuned - one more day left for pre-release activities.