Can I Sign Wyoming Permission Slip

Document type sign permission slip wyoming myself

Hi Mark Kohler here with another tax and legal tip I want to talk about the wyoming corporation or lLC now these are awesome for asset protection But they're also oversold so I want to break down some of the good a little bit of the bad And then tell you where I really like to use the wyoming in it Okay, the first benefit of a Wyoming entity is the Cope protection now What cope stands for is charging order Protection entity now? I whole chapter on my book on Cope entities But there's only about 13 to 15 states around the country that have this type of protection let me tell you what it is if you set up a LlC for your rental property and something goes wrong and Your tenants licken the mold off the wall or they fall down the stairs You know because of you know termites or something can they sue you personally? Oh, you're protected That's the beauty of the lLc. If there's a problem inside the lLC. You're protected, but you but what happens if you are at a lawsuit heaven Forbid Texting and driving and someone comes after you can they bust into your lLC and take away your rental in most states they can But with the charging order protection entity but gee there's outside protection They can't get into the lLC and take away your rental your rental is Protected with this coat protection a judge will only give a charging order That any money that comes out goes to the creditor. That's the charging order protection. They can't get the asset They only get money if money comes out and are you ever gonna distribute money you're not well? why don't mean is one of these entities, and they give charging order protection if it is a Single-Member, LLC, and that's the only state in the country right now. That's awesome So wyoming entities are great for this quote protection the second benefit of a Wyoming entity is privacy Because if you ask me to set up your wyoming LLC I can set it up as the incorporator at the law firm I can even use our mail forwarding address service So your address doesn't show up anyway. This is pretty cool So your name doesn't pop up on public record in wyoming for at least a year At the one-year mark you have to disclose who the manager of the is of the lLC is but not for a whole year That's huge for privacy protection Third benefit of the Llc is they're affordable now I'm gonna come back to the oversell issue in a minute, but you can set up a wyoming lLC for a hundred bucks we can be your registered agent wyoming for 125 and we can be your mail forwarding for up to three companies for 150 bucks a year so the filing fees are with all that you're still under three or four hundred bucks and then the annual fee With the state is either 50 or a hundred bucks depending on your sale So the LLc can be really affordable in wyoming for its initial setup and maintenance a lot cheaper than Nevada which is again Oversold as well Now the problem with the wyoming entity is they're oversold too many people get sold into this wyoming entity when they're not even doing Business in Wyoming, so they got rentals in Georgia, and they're like mark. I need a wyoming entity and I'm like okay now I've got a registered, Wyoming and Georgia, and if they're just getting started and they don't have a lot of equity in their property They're paying for two states And it's just too cost that that brand new investor really doesn't need But they're oversold again and everybody at every little workshop out there that thinks through a real estate Legal guru even though they're not lawyers or they're over selling this and it's too expensive Watch out be careful on overdoing it with a wyoming enemy. So finally let me show you my master diagram here Here's where I love the wyoming in it So real quick a lot of times you might have one lLC with multiple properties in it you might have two or three LlC's with multiple properties But you have barriers between each one and then you might even have let's make my picture here Or you might even have a series LLC with little baby subs but you can only do that in a few states So the series LLC doesn't work for everybody, but when I have a client with a lot of assets We'll set up a Wyoming energy And then have baby LlC's in multiple states for their other rentals Now I get the cope protection of Wyoming and then I get the protection of the LLc's in these multiple states This could be Arizona. This is Nebraska This is California, and then we've got Jordan so we got multiple states, but it's one tax return One LLC, and you're getting charging order, Protection, Wyoming But I only do this if I have clients with a lot of assets and a lot of rental properties Now you could probably see why I named this a tax and legal tip and not a 2-minute tip because I sometimes get carried away Anyway in Summary asset protections for real and it can work, but make sure you have enough passives before you think about this Wyoming thing folks. 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