I'm no attorney and laws vary by state, but when I did small business consulting I told folks that I felt the legal protection of an LLC was over rated. I "believe" it can offer more protection for bankruptcy cases and may or may not offer tax benefits, but doesn't always protect you from getting sued. I can sue anyone on here for not liking my post, doesn't mean I'll win, but I can still sue. Depending upon the situation, an attorney may sue you your company, you as an individual, the manufacturer of your equipment, your second grade teacher, etc. He'll try to hit as many pockets as possible.
LLC.
- Thread starter jekjr
- Start date
I'm no attorney and laws vary by state, but when I did small business consulting I told folks that I felt the legal protection of an LLC was over rated. I "believe" it can offer more protection for bankruptcy cases and may or may not offer tax benefits, but doesn't always protect you from getting sued. I can sue anyone on here for not liking my post, doesn't mean I'll win, but I can still sue. Depending upon the situation, an attorney may sue you your company, you as an individual, the manufacturer of your equipment, your second grade teacher, etc. He'll try to hit as many pockets as possible.
i just dont want my personal wealth to be up for grabs over a business accident......my understanding is that an llc means your business wealth or value is all anybody can sue for and get as long as you are not doing anything outrageously wrong
I like your status..lol.....I had an 855 JD that threw a rock through the wall of my house(not the window)
Ya I knew a guy put a rock through a neighbors sliding glass door with an electric hedge trimmer. The neighbors decided to upgrade cost about 3000 ish. While I know that these things are expensive... Car Windows In particular. The likely hood that it does happen is pretty low and in my opinion doesn't justify the cost. Been doing this for 6 years never done any damage. So when it happens ill pay I have enough money is savings to cover just about anything.
Well you better cancel your car, house and medical insurance. You lucky devil.
Ric
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Ya I knew a guy put a rock through a neighbors sliding glass door with an electric hedge trimmer. The neighbors decided to upgrade cost about 3000 ish. While I know that these things are expensive... Car Windows In particular. The likely hood that it does happen is pretty low and in my opinion doesn't justify the cost. Been doing this for 6 years never done any damage. So when it happens ill pay I have enough money is savings to cover just about anything.
The problem with your theory is you can save enough money to pay the damages but you can't save enough money too pay a lawsuit, not when your personal wealth is up for grabs over a business accident. If the person wants to be nasty he can take your business as well as you car, home, everything you own. The problem you have is that people today make a living filing and winning lawsuits. There an accident looking to happen.
it is the personal wealth that i want to avoid someone coming after.....hopefully none of this ever happens to any of us but being prepared gives some peace of mind and if forming LLC helps then it is money well spent....however i was told by my ins man that if i am doing something outrageously wrong and cause an accident that somebody can come after personal wealth even with an LLC....that you have to be taking all prudent and neccesary precautions to keep said accident from happening......things that come to mind would be mowing with grass flap up....weed eating without a guard.....cutting with discharge opening toward people or road.....
i keep my trimmer guards on but i do cut mostly with grass flap up...especially early in morning....somebody hauls you into court it looks like this would be a safety violation if it caused an accident...in other words something that could have been prevented with forethought.......if people are in the area or traffic going by a red flag goes up with me and i adjust .....like i said hope this never comes in to play......i cut an office building for housing authority and always cut after hours because of the traffic and people yhat go in and out....just one more liability that i can avoid