hi Lee Phillips here I am an attorney still and it's good to
be with you what I want to talk about today is a concept that lots of people are using now
they use a Wyoming or Nevada or a Delaware Wyoming is the one they're selling big time
LLC you get a Wyoming LLC or one from one of these other states
and it is supposed to give you anonymity well what they've done is they've made it so that in Wyoming
a lawyer or the agent or whoever it is can set up the LLC in their name and your name doesn't appear
as a manager or an owner or anything else you can manage it but technically your name
doesn't appear on the public records and they say well what you do then is you have
this Wyoming LLC own your local LLC and if you're going to have property in
Indiana you've got to have an llc in Indiana or at least the LLC that owns that property
in Indiana needs to be registered in Indiana could be a foreign LLC foreign corporation
registered in Indiana or any other state where you hold your property and so if you have that local
LLC owned by the Wyoming LLC which doesn't have your name on it then you're totally anonymous
nobody can find out who you are nobody can find out who owns that piece of property the answer is
yeah technically they're right the answer is practically no
we can certainly find out anybody that's associated with that property
who pays the taxes who's named on the insurance who pays the insurance you know we can find out
obviously if you're on the mortgage we can nail you but you touch that property in many
different ways and with today's computers and the information cross information that we have
the fact that you think that you're going to be anonymous is a total myth it just doesn't work
so you're going to the expense of setting up a Wyoming LLC you're paying the registered
agent in Wyoming to be your dude and when you get sued they're obviously going to sue the
Indiana or the local LLC and they're going to sue the owner of the LLC which is this guy
in Wyoming and trust me as soon as he gets sued he's going to squeal like a stuffed pig
and we will figure out who the real owner of this LLC is because he's not going to go to bat for you
he's not going to defend the lawsuit you're going to have to do that and as soon as you
step forward we know who you are anyway but in reality we knew who you were before we did that
but we're always going to sue the local we're always going to sue the mother the holding LLC
I don't like this arrangement of the holding LLC from an asset protection standpoint because it
makes it so that if i can get through this holding LLC I can get all of the assets that that LLC
owns underneath it and as soon as I get this LLC I've got everything so you've actually
tied it in a little bundle for me all I have to do is get to this one and i've got everything else
and Wyoming and reality doesn't have really any better laws that make your asset protection better
they are just selling this concept so that this registered agent that's who's selling it
can get business the registered agent does nothing he sets up the LLC
acts as the registered agent which doesn't mean anything he gets one piece of paper from the state
and he mails it on to you every year and you pay all the fees so he does nothing and you're
paying him $200-500 a year whatever it is if I can get a thousand people paying me 500 bucks a year
to do nothing that's a good business I like it so that's why this whole thing is being promoted
is to get this fee and Wyoming doesn't care because they get more LLC's they
get more fees they like it so they'll make the way smooth for this guy to do this and
Wyoming does it Nevada does it Delaware does it they all do it New Mexico
does it there's a big group running around in Utah and they do it I live in Utah Utah
has crappy LLC laws compared to some of the other ones so why exactly do you have your LLC
in Utah there is no reason you can't give me a reason I'll guarantee you can't give me a reason
and you really can't give me a reason either while you have a Wyoming LLC owning
all of these other LLC's it doesn't work you're paying more you've got to file another tax return
you've packaged everything from asset protection so if I get this one I get everything you own
and I just don't see a reason for it in my opinion and my opinion isn't alone in the legal profession
you're wasting your money that's my opinion of a Wyoming LLC and anonymity too
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