Privacy and anonymity are cornerstones of an asset protection plan. Filing your own annual reports for your Wyoming LLC will publish your name on the interwebs.
Colin Ley is an asset protection attorney and the creator of the PREP Trust® and Better LLC™. He is also the co-founder of LayRoots (along with with partner in life & business – Shreya Ley)
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Howdy folks! Colin and Shreya Ley here of LayRoots. An asset protection and estate planning law firm.
Yeah we are!
And Shreya Ley,
Yes Colin Ley.
Today I wanted to talk about something very important.
Okay, lay it on me.
It’s whether or not,
you should file your own annual report.
Mmmm, I see.
So, here’s the deal.
Part of an asset protection plan is having a-
Is having proper business planning.
Proper business planning, but, also privacy.
Anonymity. A lot of people want that, right? They don’t want somebody to just be able to look you up, know who you are, find you, track you down, and beat you up.
Right, well then ’cause, what’s the point of creating all these entities if it just makes it easy for people to know who you are and what you own.
Right. And so what I’ve seen a few people do,
Is they go through this effort to have this LLC based plan set up. They got their Wyoming LLC,
Not Nevada, Shreya. Don’t even talk about Nevada! Don’t compare Nevada to Wyoming.
I know Wyoming’s better.
Nevada doesn’t offer privacy by default. Wyoming does.
Or you go through the effort, cost, time, of creating a beautiful asset protection plan, that protects your stuff, preserves some privacy for you, and then it comes round,
And you have to file your annual report.
And what happens when an annual report is filed is somebody has to put their name down as the person who is filing it.
Even when you form the LLC, or when you file that annual report.
And, for example us, we don’t file our Wyoming annual report.
We hire somebody else to do it.
But, I think you can file this under Penny Wise and Pound Foolish.
Oh yeah, you know people try to save a few bucks, they’re like: Oh, the annual report, that sounds real easy let me just do that for myself instead of paying you the attorney, or whoever to do this for me. And the two issues actually that I see for people that try and do this and take this on on their own is one: they just don’t do it. They miss the deadline, their LLC or whatever gets dissolved, or it’s delinquent, and then it just, other people can steal the name that they chose, for instance,
I did that a couple months ago.
Did you? I actually did that as well for someone. But two, is now, their name is on that annual report.
Yeah, it’s like anybody can just, any Tom, Dick, or Harry, can go online and look it up and see like, oh well this person signed this annual report and filed it, they must be the owner.
Exactly. So what was the question? Should you file it?
Not if you want to preserve that privacy and anonymity that was probably your goal in the first place if you’re setting up a Wyoming LLC.
So, stick with it. Don’t pop your name down there. Well Shreya, once you knew what was going on, what I was talking about you seemed to really enjoy the video. And you, viewer, if you enjoyed it as well consider hitting that like button, right there, yeah. Oh not like button, it’s a subscribe button.
Subscribe, yeah. And then you’ll get all the other videos that we make.
That are equally as awesome and enjoyable.
See ya next time.