Q: I have a single member LLC in Florida. Is it a bad or good idea to add my 18 years old son to the LLC?
For asset protection I need a multi member LLC
A: Where did you get the idea that a multi-member LLC is needed for "asset protection"? The owner or owners of a legitimate limited liability company are not generally liable for the debts of the LLC. On the other hand, creditors of the owners may levy upon a LLC (and its assets) to satisfy the debts of the owners. And your transferring an interest in the LLC to your son, without adequate consideration, might be regarded as a fraud upon creditors.
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