A blessed week for friends!
Why should I open LLc? I know that only in case of a lawsuit against the company, then everything I own on my first name is protected.
But once there are assets or money in the company account then as soon as a claim everything is in danger?
I would love some clarification on this issue… I currently have a bank account in CHASE which is like a private account (DBA)
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In the case of llc the owner is the company. In the case of a lawsuit, it is possible to repay up to the amount of its assets - that is, the house. If the account is the company's account what is in it should be hers alone (the fruits of the lease, etc.). Since what is in the account is part of the company's property, it will also be in danger of seizure in case of need for repayment. If there are funds unrelated to the company this is a problem because it will be difficult to color the money and all the funds are exposed. If the account is your private, and not under the company, it will be more difficult to get your hands on the funds in case of an attempt to repay the company's assets, although it is possible that the person who sued (and won) will prove that it is actually the company's (financial) assets. It will be examined substantively and informally. This is very rude of course and not in place of individual advice.
To the best of my knowledge, only if there is a complete separation between the activities of the LLC and the private conduct and / or other LLCs, can it be said that the other assets that are not registered on that LLC are indeed "protected".
If there is a bank account to which funds are transferred from different LLC or money in the account is used for personal / private expenses, all assets are exposed.
As far as I understand in the case of a claim can be sued only the assets listed under the llc and not personal assets
As far as I understand in the case of a claim can be sued only the assets listed under the llc and not personal assets
Protection at LLC limits the risk once you have some assets and it limits the risk to that particular asset and prevents you from personal exposure