![]() |
|
![]() |
 |
While you can find companies who will form an LLC and charge as little
as $700 to $1,500 for you to set up the LLC in Nevada or Wyoming,
the key to transferring the assets from the IRA to the LLC is embedded
in the LLC Operating Agreement. Most other firms offering incorporation
in Nevada or Wyoming include an LLC Operating Agreement in the quoted
price that CANNOT withstand an IRS, ERISA or Department of Labor attack
on the IRA because THEY DO NOT ENCOMPASS THE REQUIRED SPECIFIC
PROVISIONS OF EITHER THE ENABLING LEGISLATION OF THE ERISA AND IRC;
NOR DO THEY ENCOMPASS OR ADDRESS THE TREASURY AND DEPARTMENT OF LABOR
REQUIRED REGULATIONS. The provisions authorizing the transfer
of assets from a Self Directed IRA to an LLC are Not well known. (We
only know of four other programs in the United States that are using
these provisions. They are offered by large law firms who have charged
up to $50,000 for the drawing of an LLC Operating Agreement that will
withstand the scrutiny of the governmental entities having oversight
over IRAs.) We have spent over $200,000 in attorney's fees with the
law firm of Kirkland and Ellis, LLP insuring the provisions of our
Operating Agreement WILL withstand IRS, ERISA and Department of Labor
attack. The quoted above includes our LLC Operating Agreement with
the subject provisions.
Another unique aspect of the Limited Liability Company is the asset
protection they give to the assets inside the LLC. Under most state
laws, if somebody were to sue the owner of an LLC, and the individual
suing won the lawsuit, they could NOT take away the assets inside
the LLC from the LLC owner. Rather the most they could get is a "charging
order" against the LLC.
A charging order doesn't give the individual winning a lawsuit full
rights over the LLC; actually their rights are very limited. In fact,
you, the IRA owner, could maintain control of the investments
of the LLC even though the person who won the lawsuit had a charging
order against all of your ownership of the LLC. The most they would
be entitled to would be the distributions from the LLC. If the LLC
doesn't happen to make any distributions, then the individual who
won the lawsuit isn't going to get anything!
Back to LLC |
| |
| |
|
![]() |
