International Tax & Estate Planning Attorney Miami, FL
Call: 305-563-7000
Call: 305-563-7000

Florida LLCs as One Element of a Tax Risk Mitigation Strategy

DeWitt PLLC has particular experience in tax strategies that help foreign clients protect assets while investing in the United States.

For those involved in business activities, the LLC, or limited liability corporation, is a cornerstone legal structure. Florida already offers the advantage of having no personal income tax and the IRS considers LLCs as a “disregarded entity” when it comes to tax collection. The LLC effectively shields personal assets from business debts and liabilities, and this typically extends to decrees and court judgments made against the entity.

There are certain risks to an LLC, with one 2010 Florida Supreme Court decision (Shaun Olmstead, et. al, vs. Federal Trade Commission) setting in place limitations to the asset protection afforded to single-member LLC owners. The ruling found that single-member LLC owners can have their ownership interest seized via court process by creditors, as a way of satisfying unpaid judgments. This limitation, however, does not apply to multi-member LLCs.

About the Author

An established presence in the international tax planning sphere, attorney Suzanne DeWitt guides the Miami, Florida law firm DeWitt PLLC as founder and managing partner.

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