When most people think of Montana, the first thing that typically comes to mind is its natural beauty. From its majestic mountains and wildlife to its famous national parks, Montana is the perfect destination for lovers of anything “outdoorsy”... those reasons alone play a major role as to why people are flocking to the “Treasure State” but can you guess one of the other reasons why Montana is loved by so many out-of-towners? Well, if you weren’t aware, Montana is a hub for entrepreneurs all over the world.
Montana is best known for its natural beauty and rich history but this majestic state is actually one of the world’s best-kept secrets in the entrepreneurial world… and it’s based on two simple words that pack a major blow; can you guess what those two words are? Asset Protection.
Let’s say you’re wanting to form an LLC in Georgia but are having a hard time deciding whether or not you should get registered in Montana. Well, to be fair, that is a tough decision to make because most people typically get registered in the same state where their business will be BUT business owners aren’t required to do that, and depending on where you live, some places have terrible taxations for starting a business.
Montana’s Unique Entrepreneurial Ecosystem
According to Montana Public Radio, Montana is a unique ecosystem for entrepreneurs and the factors that make it the unique “entrepreneurship ecosystem” that it is, is due to the fact that it has openness as well as a supportive government that willingly helps new businesses. The article further states that the biggest reason why Montana’s start-up businesses are thriving is because of its great quality of life. So just imagine… Montana’s booming industry for entrepreneurs combined with its natural beauty… that’s the perfect formula for a thriving quality of life!
That’s a great climate for entrepreneurs living in Montana but to reference the previous scenario where someone has a Georgia LLC but wants to register it in Montana, why would this entrepreneurial move be a smart business move? Again, Asset Protection.
The Unique Benefits of Registering Your LLC in Montana
An LLC is a form of protection of your personal assets when a debt or loss is owed on behalf of your business. Well, when you register your LLC in Montana, you’ll not only get the protection of your personal assets but you, yourself will be protected as well.
With a Montana LLC, you have the luxury of maintaining the privacy of your personal information. Now, in order to get this process going, you’re of course going to have to give a few names as well as addresses but you can rest assured in knowing that the information you provide is handled securely and safely.
Once you’ve completed the paperwork process (providing names and addresses), you will then be able to start the process of registering all your valuable assets to your Montana LLC. This process allows your Montana LLC to be the acting owner of your possessions of value, all while keeping your personal information safeguarded.
Credit Protection in Asset Searches
A Montana LLC is already protecting your personal information but it can also protect your personal information when it comes to asset searches. For example, when you’re trying to make major purchases, you are subject to credit checks, whether it’s for a house, car, or loan, the lender is going to run a basic credit check. But in the credit check process, you’re also (possibly unknowingly) authorizing an asset check as well.
The fact that you have a Montana LLC acting as the owner of your valuable assets, you have the ability to lower your chances of suffering the consequences of asset searches, especially if you don’t own some of your assets outright.
The initial question was whether or not a Georgia LLC should register in Montana, right? Well, in short, the answer to that question is “Yes, absolutely yes.” Montana has great asset protection benefits to offer business owners in Georgia and anywhere else in the world. As an entrepreneur, if you can follow the five core strategies every entrepreneur needs to know and maintain the drive and determination you need to succeed, your business will go very far!