Anonymous/Private LLC?

Non-investing personal finance issues including insurance, credit, real estate, taxes, employment and legal issues such as trusts and wills
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boglerocks
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Anonymous/Private LLC?

Post by boglerocks »

I'd like to make investments via an LLC instead of as an individual and I'd like to prevent my identity from being associated with the LLC in any public records. My lawyer wants to do this by forming two LLCs, one which would serve as member of the other. Is there a better/simpler way to accomplish this?
Liberty1100
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Re: Anonymous/Private LLC?

Post by Liberty1100 »

One thing that comes to mind is a trust. Perhaps as your lawyer to explain.
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heartwood
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Re: Anonymous/Private LLC?

Post by heartwood »

boglerocks wrote: Fri Mar 09, 2018 7:19 am I'd like to make investments via an LLC instead of as an individual and I'd like to prevent my identity from being associated with the LLC in any public records. My lawyer wants to do this by forming two LLCs, one which would serve as member of the other. Is there a better/simpler way to accomplish this?
While not speaking directly to your question, the March 9 WSJ Mansions section has an article titled "Buying a Home with an LLC: A Primer"

https://www.wsj.com/articles/buying-a-h ... et&tesla=y

The author suggests that it's very state-dependent. He summarizes as follows:

"JUMBO JUNGLE TIPS
Here are some things to consider if you’re thinking of using an LLC to hold title to real estate:

• Consult with tax and legal advisers. Every state has different requirements for forming an LLC, and the financial considerations and tax implications vary. Ask about administrative costs, which may be higher than those of a sole proprietorship or limited partnership.

• Consider sources of financing. Many real-estate transactions involving LLCs are cash deals, Mr. Fann says. Conventional financing may not be available for an LLC, although a portfolio lender may provide financing. Many investors use commercial financing or lines of credit.

• Separate identities. Members of LLCs typically aren’t personally responsible for the business debts and liabilities of the company. That protects members’ homes and other personal assets from creditors. To maintain this separation, members must keep funds, records and meeting minutes completely separate from personal accounts and comply with all formalities required by the state."
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