🚫Setting up multiple LLCs and other legal structures can be an oversold strategy
🏢It's important to assess whether you truly need these structures for your business or personal assets
💼Consulting with a lawyer is essential to ensure you're making informed and appropriate decisions
💲Many companies selling these structures are more expensive and less informed than law firms
📈Consider factors such as equity, liability, and cost before deciding on the right legal strategy
Do I need to set up multiple LLCs for my rental properties?
—Not necessarily. It depends on the amount of equity you have and your individual situation. Consulting with a lawyer can help you determine the best approach.
What are the risks of setting up unnecessary legal structures?
—Setting up unnecessary legal structures can result in increased expenses, administrative burdens, and potential legal complications. It's important to weigh the benefits against the costs.
Are all companies selling legal structures trustworthy?
—Not necessarily. Many companies prioritize sales over providing accurate and relevant advice. Consulting with a reputable law firm ensures you receive professional and informed guidance.
How much does it cost to set up an LLC with a lawyer?
—Typically, the cost of setting up an LLC with a lawyer ranges from $1,200 to $2,200. This includes a consultation and tailored advice based on your specific needs.
Should I set up an LLC for my personal assets, such as my car or house?
—Setting up an LLC for personal assets is generally unnecessary and can be more expensive and complex than it's worth. It's best to consult with a lawyer to determine if an LLC is necessary for your specific situation.
00:00Many people are oversold on the idea of setting up multiple LLCs and other legal structures for their businesses and personal assets.
02:27Setting up unnecessary legal structures can result in increased expenses, administrative burdens, and potential legal complications.
04:30Consulting with a reputable law firm ensures you receive professional and informed guidance.
06:44The cost of setting up an LLC with a lawyer ranges from $1,200 to $2,200.
10:46Setting up an LLC for personal assets is generally unnecessary and can be more expensive and complex than it's worth.
