As mentioned the first one is not having a cofounder who isnt in your immediate family, which for some people is fine and for me is honestly a waste of time and equity. Just another vector for failure.
Beinf grossly irresponsible with your companies' funds is an interesting way of saying "I tried to pay myself without the detailed advice of a skilled accountant and I made an oopsie and now the judge says I need to pay a lawyer ${sum_i_dont_have} to protect a random plantiff from becoming the new owner of my house"
Again, how amazing is your idea and execution and business networking capabilities that you somehow think you are gonna make more than $2.2M in 10 years of work, like you would at Google?
> As mentioned the first one is not having a cofounder who isnt in your immediate family, which for some people is fine and for me is honestly a waste of time and equity. Just another vector for failure.
so wrong lol. you seriously have no asset protection because you believe that? better yet, your actual asset protection strategy is having none and a completely misunderstanding the basics?
"There are two cases, one a federal bankruptcy case and the other an employment tax liability case that deal with liability of a member in an LLC. In Re Ashley Albright and Littriello v. United States, et al., remind us that proper asset protection planning, especially in the design of an LLC, is a necessity and without it the consequences may be disastrous. These cases are important because courts are beginning to view a single-member LLC as a disregarded entity under multiple scenarios in some states"
Literally the top result on google. Why are you insulting me?
Because you are still overestimating the issue and fell for some law firm's scare campaign. Whats the date on that huh?
That case was from 2001 and decided in 2003 and the world has evolved so much in the last 20 years. The primary validation is the use of these entities. And let's just imagine your two decade old view of the world is correct and also probable, nobody even needs to know you are a single member LLC. When "12 Forest Road LLC" owns your vacation home at that specific address and no further information exists about the LLC to even the state, the person that sues your other company that has outside capital and employees will never name the other LLC in the lawsuit, and if they did it is much more likely that it gets tossed out or at least that other LLC gets removed from the lawsuit.
And your real issue is that you worked too hard for your other assets that you haven't protected. Nobody needs to know your other assets are held by title holding single member LLCs.
> Why are you insulting me?
Can I insult you into actually doing something about it?
Ask yourself, is it more important for you to be right or more important for you to actually make deterrents and even absolute protections?
and let's not forget, you are using all of this as excuses to not even attempt profitable ideas.
