News

Supreme Court Wipes Out Asset Protection For Single Member LLCs

Over 2 years ago a case went in front of the Florida Supreme Court. The question of that case was whether single member LLCs provided asset protection such that a creditor of the owner of the LLC could not get at the LLC's assets.

On June 24th, The Florida Supreme Court answered in the negative. Single member LLCs no longer provide asset protection from claims made by creditors of the LLC owner. The fancy phrase is reverse veil piercing.

It is important for everyone in every industry to know his or her client. Recently, it has become even more important to “know you lawyer.”

Asset Protection News

July 9, 2008

By Staff Writer, Edward A. Lavere

Steelers for Sale in the Name of Asset Protection

The Pittsburgh Steelers are a $2500 family venture, capitalized in 1933, now valued at close to one billion dollars. That is quite a family asset.

You may be surprised to hear that the Pittsburgh Steelers NFL franchise is for sale in the name of Asset Protection. The Rooney family has owned the Pittsburgh Steelers for 76 years. That is a good long-standing business now valued at around a billion dollars. Why are the Rooneys selling and why is it for Asset Protection.