EP.142 Learn From My LLC Nightmare
Summary
In this episode, Brian O'Neill shares a mistake he made when setting up his LLC and provides advice on how to avoid similar errors. He emphasizes the importance of not taking shortcuts and using professionals to set up your LLC properly. Brian recounts his experience of purchasing properties under his LLC and the consequences of using his personal name and home address. He shares a concerning encounter with a neighbor who easily found his personal information. Brian explains the need to change the address and eventually dissolve the LLC. He then discusses the benefits of setting up a Wyoming holding company for asset protection and recommends Prime Corporate Services for LLC and entity setup.
Takeaways
- Don't take shortcuts when setting up your LLC and use professionals to ensure it is done properly.
- Avoid using your personal name and home address for your LLC to protect your privacy.
- Consider setting up a Wyoming holding company for asset protection and anonymity.
- Prime Corporate Services is recommended for LLC and entity setup, as well as other services like business funding.
Chapters
00:00 Mistake with LLC setup
01:25 Purchasing properties under the LLC
03:45 Address change and the need to dissolve the LLC
04:14 Setting up a Wyoming holding company
04:43 Recommendation for Prime Corporate Services
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