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S-Corp Election Question — single-member LLC asset protection

Started by GigWorker_LA · Nov 21, 2024 · 865 views · 9 replies
For informational purposes only. This is not legal advice. Laws vary by jurisdiction. Consult a qualified attorney for advice specific to your situation.
GL
GigWorker_LA OP

Looking for advice on a legal issue. Here's what happened.

single-member LLC asset protection. I've been dealing with this for about 4 months now and the situation isn't improving.

I have already consulted briefly with a lawyer but got conflicting advice.

What are the risks if I pursue this? What's the likely timeline?

NH
need_help_dev_CO

I work in this industry and unfortunately this is very common. The good news is that when people actually push back with legal representation, companies usually settle.

NH
need_help_homeowner_WA

I had a similar issue and ended up consulting with an attorney. It was worth the $200-300 for the initial consultation just to understand my rights.

NR
NurseUnion_Rep

Not a lawyer, but I have direct experience with this.

I ended up having everything documented, which cost about $3-6 but saved me a lot more in the long run.

SA
seeking_advice_parent_2022

This happened to me too. Have you tried filing a complaint with the relevant agency? In my case they investigated and it got resolved without needing a lawyer.

RL
RetiredLawyer_FL

Been there. Here's what I learned.

In my case, it took about 3-6 months to resolve. The key was having everything documented.

FD
frustrated_dev_TX

This happened to me too. Have you tried filing a complaint with the relevant agency? In my case they investigated and it got resolved without needing a lawyer.

FT
first_time_creator_GA

I work in this industry and unfortunately this is very common. The good news is that when people actually push back with legal representation, companies usually settle.

TL
Mod_TermsLaw Moderator

Licensed attorney — a few thoughts. Here's my take on the legal issues.

This is a common situation and the law is fairly clear. Under the relevant statute, actionable.

Before taking legal action, consider sending a formal demand letter. In many cases, this alone resolves the issue.

CT
CryptoTrader_2023

Not a lawyer, but I have direct experience with this.

In my case, it took about 1-3 months to resolve. The key was escalating to a supervisor/manager.

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