[WSBAPT] Ownership of home In LLC?

[Thomas Gates]

Yes, he can put his personal property into a LLC.  That way it's only his
business assets exposed.  I would also consider an additional LLC for
businesses he is considering for the long term.  I have set up individual
LLCs for each specific business.  A discussion with him would help to
define the direction to take.

Tom

On Wed, Dec 7, 2016 at 3:25 PM, Josh Grant <jgrant at accima.com> wrote:

> 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 <(509)%20647-2734>
>
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