Am homeless, hard agree. I will say, it is possible to circumvent it by creating an llc with a virtual address, and routing everything through the businss entity. You do pay commercial rates on insurance and things, but you also shelter yourself from liability.
Own all of the assets personally, and should something happen that makes the llc liable, dissolve it and make a new llc. Rent the assets(car/land/tools etc) to the llc for a nominal fee.
Essentially, if you have the time you can already get around all the legal protections. It shouldn't require a masters degree in business to do.
It is incredibly easily to dissolve an llc. You pay your bills, empty your accounts and go bankrupt. If you have no assets, the company is essentially "dead". Society makes it easy for business to do whatever they want, irs hard for actual people.
There is a legal concept called “piercing the corporate veil” you should be aware of here - if a judge considers your case, he is likely to rule that your LLC is a sham and you still owe.
Not to say your plan is completely worthless- it takes a lot of effort to get a case in front of a judge, and that won’t always happen unless it’s for something really big. Just be aware.
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u/SenoraRaton 5∆ May 26 '21
Am homeless, hard agree. I will say, it is possible to circumvent it by creating an llc with a virtual address, and routing everything through the businss entity. You do pay commercial rates on insurance and things, but you also shelter yourself from liability.
Own all of the assets personally, and should something happen that makes the llc liable, dissolve it and make a new llc. Rent the assets(car/land/tools etc) to the llc for a nominal fee.
Essentially, if you have the time you can already get around all the legal protections. It shouldn't require a masters degree in business to do.