http://www.thetaxhandlers.com/smllcdangers.php For more great resources go to: How to Form an LLC in Florida | Nolo.com www.nolo.com › ... › Forming an LLC‎ Nolo.com http://www.nolo.com/legal-encyclopedia/florida-form-llc-31897.html by Stephen Fishman - in 27 Google+ circles If you form a one-member LLC, you must obtain an EIN for it only if you elect to have it taxed as a corporation instead of a sole proprietorship (disregarded entity) ... FL Dept Rev - Florida's Corporate Income Tax dor.myflorida.com › Home › Taxes‎ Florida http://dor.myflorida.com/dor/taxes/corporate.html The corporation must file Florida Form F-1120, reporting its own income and the income of the single member LLC, even if the only activity of the corporation is ... Single Member LLCs -- The Skinny on Single Member LLC www.myllc.com/single-member-llc.aspx‎ by Jennifer Reuting - in 23 Google+ circles In fact, some states don't even allow the formation of single-member LLCs and the IRS considers single member LLCs to be "disregarded entities" and taxes ... Starting an LLC in Florida | LegalZoom http://www.legalzoom.com/llc-state-requirements/florida-llc.html LegalZoom When you form your Florida LLC with LegalZoom, we prepare and file your articles ...Membership: A limited liability company must have one or more members. SINGLE MEMBER LLCs -- Pitfalls and Strategies | - Sutton Law Center www.sutlaw.com/ingle-member-llcs-pitfalls-and-strategies/‎ In the summer of 2010, the Florida Supreme Court shocked the asset protection world with its decision in the Olmstead v. ... But what if there is only one owner, as in a single member LLC? ... A second strategy is to form your LLC in Wyoming. There's a lot of confusion when it comes to forming an LLC in the state of Florida, because a lot of people believe that if you form an LLC in this state and you form a single-member LLC that you're protected from liability. And unfortunately that's just not the case. In the state of Florida we have something called a "charging order" and what that means is let's say you own a restaurant and your restaurant is held in the form of a single member LLC. And one day a customer slips and falls in your restaurant well the slip and fall happened in your restaurant that's called "inside liability" so the customer can sue just the restaurant and not you personally. Now let's look at another scenario let's say that you're driving down the road one day and you get into a car accident and the accident is deemed to be your fault. And the person that you get into the accident with discovers that you are the owner of a restaurant and they decide to sue you personally for medical debts. Believe it or not they can actually sue you for a portion of the interest in your restaurant meaning that the courts can actually say that part of your profits are going to go to the person that you hit in the accident. So as you can now see as a a single member LLC you are not protected from outside liability. The best way to protect yourself and your assets in a state of Florida with an LLC is to form a multi member LLC . Multi member LLC's have more than one member and it doesn't have to be a fifty-percent member it can be as little as 1% and it can be somebody in your family or a friend that you trust . And the reason this works is that courts can't sue both of you for your auto accident, they can only go after you and a multi member LLC makes that impossible. So again the best way to protect yourself especially if you have lot assets in your business and at home is you are going to want to form a multi-member LLC or a Corporation. Now don't forget if you are registered in Florida as an LLC and you take an S election, that S election doesn't protect your assets, that S election is just how you are taxed by the IRS. So if you are a single member LLC and If you want to protect yourself and your assets you're going to have to make yourself a multi-member llc. My name is Robin Platzer please like, share or comment on this video and if you need my services you can reach me at (941)377-6797 or info@thetaxhandlers.com Connect with Robin on Google+ "by Robin Platzer"

• published: 29 Jan 2014
• views: 19