Hi Currently I am a partners in a multi members LLC since 2009 offering boat tours for up to 140 passengers .I use my salry and saved it to ...

Question

Hi

Currently I am a partners in a multi members LLC since 2009 offering boat tours for up to 140 passengers .I use my salry and saved it to purchase a smaller boat

I plan on starting another business as single LLC running tours on small boat w business in Florida

How do I protect the boat that is free n clear worth 20k from my creditors since I will own 100 percent single member LLC .. Do I add my wife (bad credit lost house) or one of my young children ? Or setup trust ?

I have 2 judgements against me for credit cards for around 10k each.

My current truck which I use for business only has 2 payments left,then is free n clear . At this time there is no creditor trying to seize it

I was going to sell it to multi member LLC and then register it in the LLC name

Will this protect my truck ?

Eventually I will settle with my credit card since the amount is manageable er not worth file Chapter 13

Thanks

Answer

First off, do not form single member llc, worthless in protecting anything. A trust on its own or as the other member of the llc may be the way to go, but you may have issues, as you have 2 judgments and any transfers could be seen as fraudulent in light of the existing judgments. You may want to negotiate settlements with two credit card judgment holders before forming the business. I would recommend contacting an asset protection attorney and a debt defense attorney to discuss your options in greater detail. Remember, just because they have not tried to seize your truck or boat now does not mean once the last payment is made they won't attempt it.