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Savage_The_Barbarian · December 30, 2007, 08:51 PM

Well said Florida Gun Lawyer.

That is one of the reason that I went with the LLC instead of the trust. The LLC provides protection of your personal assets, whereas a trust will not. If you use your personal checking account to purchase something for the trust or in the name of the trust, you just linked you personal assets with the trust.

Using an LLC (which is a legal entity unto itself) protects your personal assets. There is a yearly filing fee ($50.00 in Florida after the $99.00 LLC fee) and there will be a transfer fee if the LLC decides to transfer the Class III item to an individual or other legal entity (which happens anyways), but the cost involved are far less than your personal assets being taken from you in case you get sued. While the LLC's assets will be fair game, if all the LLC owns is a couple of Class III items, so what, at least you won't loose your house.

December 30, 2007, 08:51 PM	#53
Savage_The_Barbarian Member Join Date: October 21, 2007 Posts: 46	Well said Florida Gun Lawyer. That is one of the reason that I went with the LLC instead of the trust. The LLC provides protection of your personal assets, whereas a trust will not. If you use your personal checking account to purchase something for the trust or in the name of the trust, you just linked you personal assets with the trust. Using an LLC (which is a legal entity unto itself) protects your personal assets. There is a yearly filing fee ($50.00 in Florida after the $99.00 LLC fee) and there will be a transfer fee if the LLC decides to transfer the Class III item to an individual or other legal entity (which happens anyways), but the cost involved are far less than your personal assets being taken from you in case you get sued. While the LLC's assets will be fair game, if all the LLC owns is a couple of Class III items, so what, at least you won't loose your house.