The law Offices of Robert J. Notestine III

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Notestine Law: Hot Topics: Attack on Single Member LLC's

Tuesday, August 17, 2010

Attack on Single Member LLC's

Recently, I have received calls or e-mails about single member LLC's and whether a recent judicial decision has softened the liability shield surrounding LLC's. The case many people seem to be referring to is Olmstead v. Federal Trade Commission decided by the Florida Supreme Court on June 24, 2010. Although this may be persuasive authority looked at by the Courts in this state it is not binding in this state and is currently not the law of this state.Two justices dissented to this opinion so there is clearly a division of opinion in this case. For those persons still worried about the asset protection features of LLC's , it is my opinion that they still are very effective in this state and can be combined with various trusts or agreements to increase asset protection. Some investors may also want to explore Nevada or Wyoming LLC's.

Attention: The information you obtain at this site is not, nor is it intended to be, legal advice. You should consult an attorney for individual advice regarding your own situation. Not certified as a Real Estate or Business Law specialist by the Tennessee Commission on Continuing Legal Education and Specialization. Certification in these areas of law are not currently available in Tennessee.

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