LLC and transfer of assets

If I transfer property that I personally own into an LLC that I am forming, does this protect my property from being 'attached' if I personally ever get sued?

Does a transfer of personal assets into an LLC involve 'gifting' or 'sale' and therefore taxes, or can this be done as a simple title transfer? Does it mean I relinquish all control over those assets once they are part of the LLC?

Clearly - a few questions here! Thanks for replies to any or all of these!

Usually it's the case that limited liability companies are formed to prevent the owner --- not the company --- from getting sued! :-O If you get sued (or are in the process of being prosecuted), it is possible for damages to be sought in most any form --- including stakes in a business. As an owner in this LLC (and potentially, the sole owner), whatever percentage of a stake you have can be used as settlement for damages. If you are presently involved in a lawsuit and you are concerned that your assets are at risk, consider finding a VERY good and close friend (who's not being sued at the moment!) to become the majority stake holder in your LLC for the duration of the lawsuit. But should you lose your stake in the lawsuit --- even if your friend legally has a strong portion of ownership --- there remains the possibility that whoever is awarded your share in the LLC could request liquidation of the assets (depending on how your Articles of Organization are written) meaning that while you [your friend] would maintain the value of your assets, you would lose the assets themselves --- it may be best, therefore, to transfer titleship to a friend altogether and skip the LLC.

As for placing assets you own into the LLC, the only way is usually through a sale. However, as these are your assets, bear in mind that you can set whatever terms you wish --- a sale from you to the LLC for, say, $1.00 is not only legal, but is a frequently-used practice for transferring assets between entites.

Hope this helps!

Brad