[WSBAPT] Ownership of home In LLC?

[Heather deVrieze]

Someone can correct me if I am missing something, but it doesn’t seem like there is any realistic benefit to putting one’s personal residence in an LLC solely owned by H&W as protection from business liability owned solely by H&W. I have always understood that any protection of an LLC is protecting assets outside of LLC (personal assets) from liability inside LLC (business assets) except where personal liability is found. Am I missing something?

Heather

Heather S. de Vrieze
Attorney-at-Law
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3909 California Avenue SW
Seattle, WA 98116-3705
(206)938-5500
heatherd at westseattlelaw.com<mailto:heatherd at westseattlelaw.com>
www.westseattlelaw.com<http://www.westseattlelaw.com/>

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From: wsbapt-bounces at lists.wsbarppt.com [mailto:wsbapt-bounces at lists.wsbarppt.com] On Behalf Of Josh Grant
Sent: Wednesday, December 07, 2016 3:26 PM
To: wsbar trust <wsbapt at lists.wsbarppt.com>
Subject: [WSBAPT] Ownership of home In LLC?

I have a client who has a large business, fully insured, however the activity has a potential for substantial liability (environmental, accidents to workers).  It is owned as a sole proprietor by client with his wife.

He and his wife owns some real property including a family home.

It would be difficult to transfer everything in the business into an LLC. because of the nature of the assets.  Same with transferring everything into a Corporation.  Also he may sell the business in a year or so.

He is hoping for some reduction in risk exposure to his  nonbusiness assets.

I have told him that their isn’t  a lot of protection available, however, an LLC might be helpful (create a small barrier) for a business related claim, if for some reason he doesn’t have enough insurance.

Is there a problem if he puts the real property he and she owns in an LLC?  Would it provide any protection to their assets? Other suggestions?

Josh Grant

Joshua F. Grant, PS
Attorney at Law
P. O. Box 619
Wilbur, WA 99185
tel 509 647 5578
fax 509 647 2734
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