- Generally, claims for liabilities arising “inside” an LLC cannot reach a member’s assets owned “outside” the LLC.
- On the other hand, in virtually all states, with the exception of Delaware, Nevada, and Wyoming, assets inside a single-member LLC (in contrast with a multi-member LLC) are not protected from liabilities arising outside the LLC.
- Delaware, Nevada, and Wyoming are the only states that provide a single-member LLC with the same liability protection as a multi-member LLC.
- It is possible to establish a Wyoming LLC to own assets located outside of Wyoming. I prefer Wyoming because it is less costly to establish and maintain a Wyoming LLC than in Delaware or Nevada. However, it’s important to verify the laws of the state in which the assets are located. You might be required to register the LLC as a foreign entity doing business in the respective state.
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