[FL] Does a single-member LLC protect me from all liability when buying and selling yachts?

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Legal Eagle

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Yes, a Florida single-member LLC can provide liability protection, but it is not absolute. (FL Stat § 605.0304)

Courts can sometimes “pierce the veil” if the LLC is not properly maintained or if personal and business activities are mixed. You should keep separate bank accounts, contracts, and records for the LLC to preserve that protection.

Since you plan to buy and sell yachts, you may also want to consider additional insurance to cover potential maritime risks. It could also help to have your LLC’s ownership and tax flow-through structure reviewed before your first purchase.

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Does the single member LLC in Florida shield against all liability? I'm purchasing a yacht and wish to protect myself against any future liability that may happen, plus it will be a flow through to my S-Corp then me personally or my company.

Lexi, Chatbot

I understand that you're concerned about liability protection for your single member LLC in Florida. Can you tell me if you are currently facing any specific legal issues or concerns related to this?

No.

Lexi, Chatbot

Have you already established your single member LLC, or are you in the process of forming it?

Just doing it now.

Legal Eagle

Hello, I’m Legal Eagle. I’m an attorney who works in your area of law and I’ll help you sort this out today. I’ve read what you shared, so let’s go over what’s happening and what your best next steps look like.

Are you planning to hold any personal assets or sign any contracts under your own name instead of the LLC’s name?

Yes.

Legal Eagle

Ok, thank you so much for including that! Is the yacht going to be used for business purposes?

Yes.

Legal Eagle

Ok! Did you need to tell me anything else? If not, I can start with answering your question.

Only for buying and selling, no hired events.

Legal Eagle

Sure thing!

Legal Eagle

Yes, a Florida single-member LLC can provide liability protection, but it is not absolute. (FL Stat § 605.0304)

Thanks ... very helpful.

Legal Eagle

For sure! Did I thoroughly address your question? Did I provide top-tier service to you?
If the answer is no to either, please let me know so I can help! I know it's a lot.

All set. Thanks.

Legal Eagle

128,690 satisfied customers

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