Digital Signature Legality for Facility Rental Agreement in Mexico

How to eSign a document: digital signature legality for Facility Rental Agreement in Mexico

well I mean Wyoming llc's are like the most screwed up asset protection tool I ever see anyone use and I don't know why it is but everybody thinks a Wyoming LLC is what everybody needs for every situation that is not the case as an attorney we set up thousands of llc's every year 99 out of 100 llc's are not Wyoming llc's I mean we want to set up Wyoming LLCs for clients we can set them up we set them up all the time but it's only for a specific situations the Wyoming LLC is so overused so I want to explain how the Wyoming LLC works and why you might need it but frankly some of you probably have Wyoming LLC and you need to shut it down and set up an LLC in the state you're actually doing business so let me start with that you should set up an LLC in the state you're doing business if you're an entrepreneur doing business in Arizona you should have an Arizona LLC if you're a real estate investor owning property in California you should have a California LLC if you got property in Florida you should have a Florida LLC you should set up the LLC in the state you own the rental or the real estate or the state you're doing business going to Wyoming is the only place to go is not helpful if you have a Wyoming LLC and you own a rental property in Missouri you got to register that Wyoming LLC into Missouri now you're paying fees to the state of Missouri and to the state of Wyoming and you have duplicative paperwork and you got to file duplicate annual returns to the state to keep the LLC active why would we do that there are some limited situations I'm going to go over why you might want to use that but remember the Wyoming LLC is only protecting you or I should say your business assets from your personal liability when most people think of an LLC what they're thinking of is all right I've got a business I'm a contractor I'm a doctor I'm a dentist drive an Uber I don't care what you are okay you're selling goods and services you've got a rental property if something happens in that business the tenant slips and falls on the rental they have to sue the LLC they can't sue you personally now that is limited liability protection that's what LLC stands for limited liability company that limited liability where if something happens in the business in the LLC the rental property the thing you're selling goods and services for that plaintiff the tenant the consumer the customer has to sue the LLC they cannot come down and sue you personally all right that protection is called the corporate veil all 50 states have that you don't need to go to Wyoming for that all 50 states have that asset protection and that's what most people are going after when they set up an LLC they're thinking all right I'm starting a business I've got some liabilities I might have a deal go bad I might have a customer dispute I might have something that just goes wrong if I'm in business for 10 or 20 years it happens I got a tenant that might slip and fall I don't want all my personal assets at risk I don't want my other business and things at risk that are outside this LLC I don't want to judgment against me I don't want my investment accounts or my retirement Accounts at risk so I'm going to use this LLC to contain the liability inside that LLC every state has that you do not need to go to Wyoming to have this now I get people that ask me well Matt should I have that LLC owned by a Wyoming LLC and then I own the Wyoming LLC maybe I mean we set up thousands of entities a year I would say 99 out of 100 those llc's are people were setting up the LLC in the state they own the property the state they're doing business they do not need a Wyoming LLC I don't have a Wyoming LLC all right I don't even use it I got millions in real estate lots of llc's four operational businesses 100 plus employees I'm not using a Wyoming LLC okay I want to talk about who may want to use it and remember this is a limited category here but I want everybody to realize this is not for everyone the Wyoming LLC is great there's a couple benefits to it but it's not the common strategy that you should be using as a business owner investor when setting up an entity First Step the most common and best recommendation that's what we're doing every day with our clients is a law firm set up the LLC in the state you're doing business and for you Real Estate Investors that's the state where the property is located all right that's what we're going to recommend now what are some of the benefits of a Wyoming LLC there are two okay and these are real benefits this is why sometimes it works and maybe you want this maybe you're like Matt I don't care I like having a ton of asset protection I want to build a castle around everything and a moat and like whatever you want every type of protection out there cool okay we can do that we we love to do that quite frankly I already sell that service as a law firm so we can build all this structure around what you're doing now let me get the two reasons the first is privacy Most states are going to require you to register the owner or the manager of the LLC now we always do manager managed LLCs as lawyers when we're setting up an LLC for you we don't want to disclose the owners we're going to disclose just you maybe as the manager or whoever else the manager of your business may be that gives you a little anonymity in terms of who the owner is so on the records of the state for the LLC it doesn't say who owns it it just says who manages it or who's the president that's kind of like what an LLC it's called manager now in Wyoming and there's a couple other states like this you do not have to disclose the owner or the manager and there's ways you can get around having disclosed this even on your annual reports and our lawyers know how to do this when we're doing it and renewing your company with the state where we can keep your name off of it so it's totally private so if you're out there looking for privacy a Wyoming LLC can give you privacy to own assets but remember if you take that Wyoming LLC and let's say you go down to Arizona and buy a property in Arizona we need to register that Wyoming LLC into Arizona and you know what Arizona is going to ask who owns it or who's the manager and so then you're gonna end up having to disclose it so if you're taking llc's to own particularly property and you're using the Wyoming LLC strategy we've always got to look at where are you going next with this thing are you going to own property another state because this is going to get defeated by the next state we got to go to now it can be a privacy tool maybe it's just for investment assets or you know something you don't need to register another state a lot of crypto clients liked it because frankly a lot of them love privacy but also it didn't matter there wasn't a physical location where the property was owned where they were forced to register the business they'd have a place of business or customers in a particular state where they needed to register this LLC into it was just simply holding investment assets so for those people you could just stay right in Wyoming okay so we got privacy that is a benefit of the Wyoming LLC and I like that one okay I don't want to be a hater on the Wyoming LLC I'm just saying most people are overusing it and they don't have no business using it but we got privacy okay now the second reason you may want to use a Wyoming LLC is what's called a charging order protection entity a charging order protection entity is essentially an entity that we'll use and we primarily use Wyoming where we're trying to protect the business assets let's say rental property and real estate from your personal liability okay what I'm trying to protect my rental properties from my personal liability maybe I'm a doctor a contractor someone who gets sued in my personal name well I get a judgment against me first they can collect off for everything I have my personal name that's sad it's not good but if you're someone that has a lot of real estate or properties with a ton of equity we can put those into Wyoming LLC the Wyoming LLC owns the property LLC in the state where the property is located but someone's gonna have to go sue you then they have to go to the Wyoming LLC and then up to this next LLC that owns the property this is called a charging order protection ID it's putting this barrier of this LLC between you and the property holding LLC see a lot of states are going to say hey Matt if you own an LLC 100 and that only sealants property and something has a judgment against you we're going to let that person go right up to the LLC and force the sale of assets but in Wyoming what they say is all right if someone's got a judgment against you Matt they can go up to what you own I own a Wyoming LLC and they're going to get stuck even if that Wyoming LLC owns a Missouri LLC that owns a property in Kansas City they're not going to get up to that now if that Wyoming LLC wasn't there they'd go straight through up to the Missouri Missouri LLC to get the property now that's called a charging order protection entity now when they get stopped at the Wyoming LLC the Judgment doesn't go away it just doesn't allow the Creditor to force you have to sell the asset to pay off the Judgment so you can't take money from the LLC you can't sell the asset and ever pull money out of the LLC it's not like a totally Fail-Safe tool because it's only preventing them from forcing the cell of the asset that judgment's going to sit there until it gets paid one day now maybe it puts you in a negotiating position to try and negotiate the Judgment down for pennies on the dollar that's that would be a big benefit to that but they're not going Upstream okay to get to force the sale of assets as we're thinking of your properties with all this Equity now that is the charging order protectionity that is a valid reason for people that have millions in assets in real estate and they have a lot of personal risk maybe they are like I said they're they're just a high-risk individual in their personal life or because of their profession or trade where they could personally get sued and a judgment against them personally but remember the primary asset protection tool that you get in all 50 states if you have an LLC no matter what state it's in that owns a property that's providing goods or services something happens in the LLC that plaintiff has to sue the LLC they cannot come down and sue you personally that is universal amongst all 50 states you're going to get that that's why we like using the LLC in all 50 states and registering and doing the LLC in the state where you own the property or conducting business so all right now that is the Wyoming LLC I want to make sure everybody understood how that works make sure you're subscribed to my channel here on YouTube and that you're signed up for our newsletter get over to Matt sorensen.com where you can sign up for my newsletter hear about stuff that we have going on until then see you next time