Asset Protection - GoFuckYourself.com

SlimSunny · 01-10-2019, 10:40 AM

Business Model Question:

How does a content producer best go about protecting one's assets, in the event that someone does sue for some reason?

In California, an LLC has an $800 per year tax liability just for existing. Obviously, I hope to make a lot more than $800 each year, but supposing I don't, at least at first, what other options do I have for protecting my personal assets from seizure by the business' potential liabilities?

Sly · 01-10-2019, 10:56 AM

Delaware LLCs are fairly inexpensive, $300 a year and no taxes. They take the $300 a year basically as a fee in lieu of the taxes. They also provide complete privacy of LLC ownership.

Ultimately though you should be checking with a lawyer and see what they think. May cost you a few pennies, but will be less than losing your ass.

SlimSunny · 01-10-2019, 11:20 AM

Quote:

Originally Posted by Sly

Delaware LLCs are fairly inexpensive, $300 a year and no taxes. They take the $300 a year basically as a fee in lieu of the taxes. They also provide complete privacy of LLC ownership.

Ultimately though you should be checking with a lawyer and see what they think. May cost you a few pennies, but will be less than losing your ass.

Agreed.

But, what if I don't live in Delaware? I've looked into this to some extent already, and it seems that, if I am doing business in California - and I would think that shooting my content here would be considered "doing business" - I have to have a California LLC.

Am I wrong? In this case I'd love to hear that I am.

kjs · 01-10-2019, 11:50 AM

1) How do your agreements look right now for all the people you do business with?

2) Have you considered professional liability insurance?

Having a corporate shield is great but avoiding a legal issue all together is even better.

MassMarketing · 01-10-2019, 12:31 PM

I agree, if you are serious about protecting yourself, speak with a lawyer. It may cost you a few fucks up front, but worth it to remove the stress of worrying.

01-10-2019, 10:40 AM	#1
SlimSunny Registered User Industry Role: Join Date: Jun 2018 Posts: 12	Asset Protection Business Model Question: How does a content producer best go about protecting one's assets, in the event that someone does sue for some reason? In California, an LLC has an $800 per year tax liability just for existing. Obviously, I hope to make a lot more than $800 each year, but supposing I don't, at least at first, what other options do I have for protecting my personal assets from seizure by the business' potential liabilities?

01-10-2019, 10:56 AM	#2
Sly Let's do some business! Industry Role: Join Date: Sep 2004 Location: Austin, TX Posts: 31,329	Delaware LLCs are fairly inexpensive, $300 a year and no taxes. They take the $300 a year basically as a fee in lieu of the taxes. They also provide complete privacy of LLC ownership. Ultimately though you should be checking with a lawyer and see what they think. May cost you a few pennies, but will be less than losing your ass. __________________ Vacares - Web Hosting, Domains, O365, Security & More - Paxum and BTC Accepted Windows VPS now available Great for TSS, Nifty Stats, remote work, virtual assistants, etc. Click here for more details.

01-10-2019, 11:50 AM	#4
kjs Confirmed User Industry Role: Join Date: Jan 2014 Location: West Coast Posts: 167	1) How do your agreements look right now for all the people you do business with? 2) Have you considered professional liability insurance? Having a corporate shield is great but avoiding a legal issue all together is even better. __________________ Skype: live:1794c463efa7cc23

01-10-2019, 12:31 PM	#5
MassMarketing TPMN Industry Role: Join Date: Jun 2014 Location: DE Posts: 597	I agree, if you are serious about protecting yourself, speak with a lawyer. It may cost you a few fucks up front, but worth it to remove the stress of worrying. __________________ Weekly Payments - 1400+ BizOp, Financial, Sweeps, Nutra Offers and More! https://www.theperformancemarketingnetwork.com/