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You may wish to consider owning your company in a LIMITED LIABILITY LIMITED PARTNERSHIP ("LLLP" or "Triple LP") for enhanced protection from lawsuits.
For lawsuit protection, assets held by the LLLP do not belong to the individual partners themselves, and under recent Nevada statutory law, a creditor may not pierce the Limited Partnership. He is limited to only obtaining a "charging order" as his sole remedy - which may prove fruitless if the General Partner (you) decide not to make distributions.FORM A CORPORATION OR LLC
Call (800) 2-INCORP now for a free consultation.
Incorp will beat any competitor's price on ANY product or service!Questions about Limited-Liability Limited Partnerships?
Limited-Liability Limited Partnerships are different from traditional Limited Partnerships. General partners are individually and jointly responsible for obligations and debts of the limited partnership, whereas in the case of LLLP, partners are not legally liable for obligations and debts that exceed their own capital contributions.
The Triple LP should also own those investments that are not inside of a Retirement Account – i.e., Mutual Funds, Brokerage Accounts, etc.
Remember: you can lose your cherished personal assets in a lawsuit. The LLLP allows you to achieve what John D. Rockefeller once suggested:
"Own Nothing but Control Everything."
Note that LLLP entities require registered agent service for compliance. InCorp can provide this service for a low annual fee.