i have a house and a biz that i own free and clear and want to buy a another biz but do not want to put the paid off house and biz at risk.can i put the new biz in a new llc so if it fails i still have my house and biz?
1 Answer from Attorneys
In order for you to structure your affairs to accomplish this for your new business I would suggest you create a new LLC and loan some money from your other LLC to finance the beginning costs of the new LLC and back it up with some type of promissory note with a real payment interest rate schedule. In the operating agreement for the new LLC I would say specifically that you have the authority as the manager of the new LLC to guaranteethe debts t only on behalf of the new LLC but specifically state that you have no authority to guarantee personally the debts of the LLC. You could also file a new ucc to secure the money you loan to the second LLC to get operational and any funds to operate it till it's profitableI if you need assistance in putting this plan into action please feel free to contact me to discuss this further.
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