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Estate Planning

: North Carolina Estate Planning Blog

Single Member LLC Outside Creditor Protection Eroding

By Greg Herman-Giddens

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In last week's Olmstead v. FTC decision, the Florida Supreme Court ruled that single member limited liability companies (LLCs ) do not provide protection from "outside" creditors. This has been a concern of mine since a similar bankruptcy court ruling in Colorado in 2003, and I have advised clients that North Carolina LLCs could face similar attack.

LLCs are great entities for providing asset protection for their owners against "inside" creditors, such as a tenant injured on real property owned by the LLC.  Multi-member LLCs also protect a member's interest from outside creditors such the holders of unrelated judgments.  This Facebook post from Florida attorney Ed Arista offers a nice synopsis of LLCs and asset protection.

Full post as published by North Carolina Estate Planning Blog on June 28, 2010 (boomark / email).

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