If your spouse is named on the deed, they do not have to hold ownership on the LLC. They do not have to, but they must sign the deed of trust or the mortgage and the note. There is no way around that. If you want them off the LLC it can be done for SPOUSES ONLY, but the idea is that the owners of the property capitalize the LLC with the note and get the share certificates in return. They then pledge the property as collateral. So, the question could always be “Why did the spouse agree to pledge the property as collateral when they got nothing in return?” That may ultimately be the question you have to answer. For those who really want to leave their spouse off the LLC, then the only real answer is “that since you are married it was done for the bene t of the marital estate”. But you could be questioned on it so be prepared. For none married owners then “NO” it does not work.
General Set-up FAQs
All you need to do is fill out the form with your name, a couple choices of LLC names, tell us the amount you wish to record as a lien to eliminate the equity in each of your properties and/or businesses.
And email us a copy of your property deed so we can get the exact way the title is currently vested, the full address of the property, the Assessor’s Parcel Number and the complete legal description. (If you cannot locate your deed you can get one on line or call the county records or even give us a copy of a Trust Deed lien (Mortgage Deed lien) that already exists on the property as a first lien because it will have all the exact info needed.
We always believed that the Ultimate Asset Protection Structure is one that is simple, powerful, inexpensive to set up and maintain but does not allow anyone to go after any asset or any equity whatsoever.
Most importantly it must pass muster in court with a proven track record of judgment proof and legislative protection power against charging orders.
We will send you the instruction form regarding setting up a Tax Identification number with the Internal Revenue Services by phone and/or online.
Once you’ve obtained the Tax Identification number for the LLC, you can contact a bank (preferably an internet bank or out of state bank) and ask them to list the documents they need to open the account. (Usually the bank needs a copy of: Certificates of Ownership, Articles of Organization and your Identification).
What needs to be done to record the lien against my property and eliminate the equity? And how much does it cost? We will send you all the documents you need to take or mail to your county recorder’s office after you sign them and notarize them (to show your consent to pledge your property as a collateral security for the debt obligation to the LLC).
The county clerk will verify that the documents have the exact and accurate legal description of the property as indicated on the deed you gave us and then he/she will record and will mail you a copy.
The cost of recording the lien runs from less than $100 to a few hundred dollars based on the county fees.
Our personal preference is to always give a name that sounds like a legitimate financial institution or property lender. We do not like names with family members’ names or initials.
We allow clients to use our address for the filing of the deed only, then the deed would be forwarded to the you. Please do not start using the address for anything else. Do not use the address for property taxes and IRS issues. Understand that the benefit of this structure is not the anonymity. The power of this structure’s protection is dependent upon the “monthly, quarterly or annual payments. If you don’t make the payments into the LLC this structure will not hold up. It’s not based on the address- it’s based on the payments. Keep that in mind. You may use our address for the filing of the deed: 1621 Central Avenue, Cheyenne WY 82001.
No, you do not need to have your WY LLC register to do business in your state, no matter where you live, because the LLC is not conducting active trade of any sort and is only owed a sum of money through a Promissory Note and a Lien.
The LLC is not “Holding” any property in any other state where you have your assets. Hence it does not have to worry about each state’s Corporation Code (such as California Corporation Code 17450). These codes are in place to govern any claims arising between the members and the managers etc. but you are either a single member LLC or a multiple member LLC not conducting any trade of business in your particular state(s) where your Asset(s) is located.
If litigants obtain a charging order against you in California (because you reside in California and your asset(s) is in California), they would find that the WY LLC has not registered to conduct business in California, because it is not conducting an active trade or business in California.
You see if you were conducting business in California, your entity would’ve had to register in California and it would’ve availed itself of California’s laws which would’ve given the Litigants the power to foreclose on your assets as a member of the LLC under California Code 17402 (foreclosing on member’s interest in an LLC).
Our structure with WY LLC being an out of state entity, not conducting any trade or business in the state(s) where you have your asset(s) or where you reside, hence not needing to register as doing business in that state, gives you a huge advantage without additional entities and complicated structures because WY LLC would not fall under the state’s Jurisdiction and it becomes immune from its enforcement actions.
In the unlikely event that the Litigant obtain a Charging Order, and forces you to sell your assets in a foreclosure proceedings, you would have to by law, pay the existing liens first which is whatever you own to a bank on the 1st Trust Deed position and the amount of lien you owe the WY LLC in the 2nd Trust Deed position (Your LLC). This would leave the Litigant with nothing collected other than a tax bill due to the “phantom income” that could be assessed against them from the IRS after winning their lawsuit for a specific amount and obtaining the charging order
No, you do not need to have your WY LLC register to do business in any other state. It is not engaging in any business. It is simply owed money for capitalization purpose.
This is a question of is anonymity worth it? Back in the 1980’s and 1990’, anonymity was a valid form of asset protection. It still has value today, but much less. In our opinion we recommend you get an address just for the LLC which is better than using your home address.
Yes, you can use an online bank. Banks are rapidly changing today as to what kind of business they will or will not accept so do your research.
Experts suggest online banks because someone who is checking for bank accounts would be less likely to find what online bank the client is with. Checking the banks in the client’s neighborhood or state is relatively easy compared to the numerous online banks.
Keep in mind, there are many online bank possibilities. Below are listed just a few. The online banks regularly change and alter the kinds of business that they accept and how they do business. So, in the end the only way to find out what they are doing at any moment in time is to go to their website and check them out.
Here are some that prior customers have used and been happy with:
You can email us a specific company if you want us to be specific about their offer versus ours. But generally speaking most other attorneys or gurus in the seminar circuit prefer to sell a kit for $4,995 – We give you a turnkey set up at that price plus a few additional dollars for extra liens as you need.
Regarding the firms that actually set you up, well there is no one that can beat our value: We offer a the simplest most powerful structure that keeps you in full control at a very competitive price and the lowest on going expense (one entity to renew per year only).
No delays, no transfers of assets and no ongoing attorney fees. We even give you a Living trust for the LLC at the lowest price ever guaranteed, so it can serve you as probate avoidance as well.