4 ms·
Is there a guide or someone I should talk to about how to do this? I’ve long wondered what I can do with an LLC to protect me from debts like this but I don’t
by questionacount 3y ago
Is there a guide or someone I should talk to about how to do this?
I’ve long wondered what I can do with an LLC to protect me from debts like this but I don’t know how to get more information about it. Particularly as I’d be the sole owner I don’t really understand what the llc does/doesn’t do.
If you had just 1000$ (and made a few hundred a year) is it worth doing?
- abeyer 3y agoRead your sibling comment... basically doing this solely for the purpose of trying to avoid debt won't work unless the creditor is just too lazy to pursue it.
- blibble 3y agothe word "solely" is doing a lot of work there if you're experimenting with side project that you think has potential commercial value then this is why limited liability as a concept was invented (as always, speak to lawyer)
- abeyer 3y agoOf course. If you have a viable business and the debt is related to that, that's exactly what the corporate veil is for. If you just want to hedge your bets on your personal GCP bill for hobby stuff, not so much.
- blibble 3y agospeak to a lawyer obviously the advice will cost you but may be the best couple of hundred bucks you ever spent it's not magic though, you do have to conduct yourself properly as a company (be that non-profit or otherwise)
- Arnt 3y agoMaybe, maybe not. It depends on the risk you're trying to contain, not just the routine income. The short, short version is: You have to have a reason for the LLC that isn't just "contain some risks". Something like "this is a legal entity for my side project bilombinaboloa.com, that I'm hoping will one day become a company and make me Rich" will work, "I pay my expenses via this and take my income directly" will not.