Limited liability entities

[ebram Senior Member Find all posts View Profile Close ebram]

How about a discussion about trusts, LLCs, LLPs and corps for TSes. ie How to frrm Peos and Cons etc. and how they relates to deeded TSes, UDI, vacation clubs and leases.
I would like to know if these entities can protect owners from personal liability resulting from mismanagment(like not paying insurance premiums) and allowing owners to bail out for financial mismanagment(MFs going too high).

[JLB Please excuse me, I'm a Dick. Not a moron just a Dick Find all posts View Profile Close JLB]

OOH!

You better use the Search function, unless you are prepared to get put in your place.

[bnoble Senior Member Find all posts View Profile Close bnoble]

Depends on what you're using it for, JLB.

I know that several Wyndham owners use a trust to allow them to transfer VIP to someone else. There's quite a bit of discussion on the topic over at the Wyn board: forums.atozed.com

[JLB Please excuse me, I'm a Dick. Not a moron just a Dick Find all posts View Profile Close JLB]

Uh . . . I would use a . . . Uh . . . limited liability company to . . . Uh . . . limit liability.

Depends on what you're using it for, JLB.

[taffy19 Gold Contributor Find all posts View Profile Close taffy19]

Aren't there also advantages for your heirs as they don't have to transfer title in their name for each resort you own? The resorts love nothing more than to charge for any extra fee they can think of. If a trust stops these extra fees, I am all for it.

That would make an excellent discussion to learn more about it and know what the pro and cons are too.

[Jya-Ning Silver Contributor Find all posts View Profile Close Jya-Ning]

You can not change to pay the transfer fee to resort, as soon as you need change the name of person that can use the week. You can avoid to go to court just to be able to transfer the deed to your name however.

Jya-Ning

[Jya-Ning Silver Contributor Find all posts View Profile Close Jya-Ning]

I don't think just by form xxx or yyy can protect you. You have to work it to make sure it becomes independent to you, than maybe you will be able to claim it is not part of you, and avoid anything.

A lot of people believe they can just form a company that does nothing but give them a tax write off. I doubt if IRS will let them go away.

And if it can be independent from you, I am pretty sure it is of great value to let go. And if you have no value at all to start with, why bother try any complex scheme just so one day you may have something valuable? Why not first try to concentrate on create value and make sure it can be live on its own even when you are not there?

Jya-Ning

[JLB Please excuse me, I'm a Dick. Not a moron just a Dick Find all posts View Profile Close JLB]

I am not an attorney . . . but I have access to the Internet where you can google stuff like this and get a few million pages to read.

In the case of an LLC, when a member dies or otherwise disassociates from it, that is the end of it. In setting one up there are two documents, a short one for the State (at least in MO) and a long one serving as the operating document, describing various things such as the business relationship of each member.

In MO, forms for each, and an app, is available on the MO Sec of State's website, and the fee is $104. It even has a name search, to approve your name before you submit the app. No attorney is necessary.

Missouri Secretary of State Robin Carnahan :: Corporations Division :: Download Fees & Forms

Aren't there also advantages for your heirs as they don't have to transfer title in their name for each resort you own?