Anybody have an LLC

[yoderjac]

to your example... LLC does a controlled burn.. Burn cost two people their homes.

Yes. the LLC does offer a LEVEL of protection. That protection is that not get to bring the LLC into litigation but I get to bring you and all of the officers into litigation. Hopefully some one on the board has DEEP pockets. All I need to do is have a forensic accountant comb over your books and sooner or later something is wrong. NO one in these LLC's are perfect especially small businesses. Once there is ONE slip up, the flood gates open. Now it's you and all the officers one by one standing in front of a judge.

a little controlled burn, "judge I am part of an LLC, I can't be held liable.. what are you talking about?" You know what.. I am going to start an LLC today and burn down my Ex's house. "honey i formed an LLC, it's Called."i hate you more than I know INC." The judge looks at me. OH.. it's an LLC.. free pass. no worries. I see your corporation is worth 2 cents. No worries. Have a nice day everyone... Thank the lord for LLC's. I can burn my Ex's house down and call it a controlled burn, but I can only have my LLC assets brought into litigation.

I am so happy that I just formed this LLC, I am going to ask Mo to be my vice chairman and chief operation beer staffer. We are safe so it's a good day.

This is a bit over the top. First, you have the certified burner and his insurance. Next you have the LLC insurance. Next you have the LLC assets. Now unless one can show malfeasance on the part of an officer it gets difficult to penetrate further, but your are right, it is possible. Next, you hit the umbrella insurance which covers sitting on a board.

Compare this to the guy who simply owns a tract of land and conducts a controlled burn that gets out of hand (continuing with that example). I'd say he is more exposed than a member of an LLC.

Thanks,

Jack

 

[Red Picqua]

yes.. your butchering equipment. Beautiful stuff. You mentioned that you have a commercial reach in cooler one that he house and one at the farm in my barn. Am I too assume that the cooler at the house was paid for out of your own pocket and the corporation paid for the other cooler? Am I too assume that you did not depreciate either asset through tax code? I wonder if you are using your auto/truck to go back and forth from your property and claiming those miles as a business expense? hmmm

i wonder if both coolers were purchased separately and there is NO doubt that one is on the books and the other one is off the books.

you mentioned about the fire sale I am going to have with my Ex. It's gonna be a grand day... I am in a LLC and there is nothing anyone can do. You call it a controlled burn and it's ok.. I will call it a fire sale. If she doesn't sell it's gonna burn. HAHAHA But, I am perfectly safe because of the LLC. I am just creating some new crop land for my farm. It's an Ant farm.. I bought the house next door to her and I figured Ants need sand. Once i got in that LLC than I am completely insulated from any sort of personal torts. Whew. I tell you... I am so happy that I came here and instead of spending all this time and money in my life. Whew..... Man I wish I could have contacted you a long time ago.. I could have saved pushing over 1MM now. A simple LLC, for my Ant Farm. Me and MO my VP of Beer, the Ant's, and my soon to be controlled burn for my Ant farm. I have absolutely nothing to worry about since I talked to Yoderjack, he is my legal counsel and he is my accountant. Maybe MO and I can hold an election and we can elect you to the board. Than I will have three people on my LLC. Yoder you bring the matches... NO wait.. just to be safe. the LLC will pay for the matches and gas to keep the books safe. MO.. I like Miller Lite.. bring a couple of cases and some marshmallows while we prepare the Ant farm. I feel so relieved that NOTHING can happen to me. whew...

 

[Red Picqua]

Let me type this on a clean post... You are your buddies set off a burn and touch one inch of my property and its assets. You can call it a controlled burn. Because when me and my team got done with you and your LLC on the stand. Because I don't think I would wipe the smile off my face until I knew my team had your LLC ripped apart and than comes round two when I begin rip apart your tax returns one by one. I hope you have no less than 100K in legal funds set up in your 17 budget, because that will be just the tip of the Iceburg, in my glass while I am sitting in Barbados.

Controlled burn.. I sent this and your post to a few friends. We are ALL just dying!!! One of them said.. the only thing burning would be his wallet from his legal bills HAHAHAHAH

 

[yoderjac]

yes.. your butchering equipment. Beautiful stuff. You mentioned that you have a commercial reach in cooler one that he house and one at the farm in my barn. Am I too assume that the cooler at the house was paid for out of your own pocket and the corporation paid for the other cooler? Am I too assume that you did not depreciate either asset through tax code? I wonder if you are using your auto/truck to go back and forth from your property and claiming those miles as a business expense? hmmm

i wonder if both coolers were purchased separately and there is NO doubt that one is on the books and the other one is off the books.

Both coolers are personal property purchased with my own funds. They were bought at different times. They are used for hunting, not business purposes. They are not depreciated. The one at the farm is kept their with permission of the LLC and I allow other hunters to use it for temporary game storage as I do. I don't stretch things. I keep my hunting activities and related purchases separate from our business. As for my detailed expenses and activities, I understand the basics but I'm not qualified to make the determinations myself. I document each expense and activity with what when and why and my tax guy decides which expenses are deductible. This LLC is not my only endeavor. He gets the K1 from the LLC along with all my other financial stuff. I got a pro and I trust him and he is well paid. Like anyone, I realize the buck stops here with the IRS and I'm pretty conservative.

you mentioned about the fire sale I am going to have with my Ex. It's gonna be a grand day... I am in a LLC and there is nothing anyone can do. You call it a controlled burn and it's ok.. I will call it a fire sale. If she doesn't sell it's gonna burn. HAHAHA But, I am perfectly safe because of the LLC. I am just creating some new crop land for my farm. It's an Ant farm.. I bought the house next door to her and I figured Ants need sand. Once i got in that LLC than I am completely insulated from any sort of personal torts. Whew. I tell you... I am so happy that I came here and instead of spending all this time and money in my life. Whew..... Man I wish I could have contacted you a long time ago.. I could have saved pushing over 1MM now. A simple LLC, for my Ant Farm. Me and MO my VP of Beer, the Ant's, and my soon to be controlled burn for my Ant farm. I have absolutely nothing to worry about since I talked to Yoderjack, he is my legal counsel and he is my accountant. Maybe MO and I can hold an election and we can elect you to the board. Than I will have three people on my LLC. Yoder you bring the matches... NO wait.. just to be safe. the LLC will pay for the matches and gas to keep the books safe. MO.. I like Miller Lite.. bring a couple of cases and some marshmallows while we prepare the Ant farm. I feel so relieved that NOTHING can happen to me. whew...

This part, I can't seem to follow. :confused:

 

[Red Picqua]

for the record your honor.. I show exhibit one a bill from Rootmaker supplies for 20 bags of rootmaker products being shipped to Yoderjacked in Central Nowhereville. The receipt is dated 1-1-10 and shows payment received from Rootmaker. There is a copy of check from Yoderjacked and not from the LLC it appears to be from his personal home account. Your honor at this time I would like to move forward with a diversity jurisdiction for the defendants.

Let's get you out of the minor leagues.. now it's time to play in the big leagues.. Welcome to Federal Court. oh.. by the way.. you have a Federal court attorney on staff right?

 

[yoderjac]

This thread has degenerated well beyond helping anyone. I'm done for now. Feel free to carry on.

 

[Red Picqua]

my point being.. nothing is ever so simple as it seems. good luck with your LLC ... you are NOT exempt from a tort because you are in an LLC, who ever told you that is NOT a lawyer.

 

[MoBuckChaser]

my point being.. nothing is ever so simple as it seems. good luck with your LLC ... you are NOT exempt from a tort because you are in an LLC, who ever told you that is NOT a lawyer.

You finally Broke him! Bahahahahahahahahahaha!

 

[yoderjac]

my point being.. nothing is ever so simple as it seems. good luck with your LLC ... you are NOT exempt from a tort because you are in an LLC, who ever told you that is NOT a lawyer.

Just to be clear, I never said that.

You finally Broke him! Bahahahahahahahahahaha!

No...just became disinterested...

 

[MoBuckChaser]

I was just kidding we all knew you would never give up.........once again.........