BluePlate Posted July 30, 2009 Share Posted July 30, 2009 Scott, From my understanding the LLC protects the "members" personal assets. For example If something happen in my LLC, the lawsuit seperates me from the company. The company does not own my house or my car. My personal assets can not be taken away to award a judgement. Link to comment Share on other sites More sharing options...
MrEen Posted July 30, 2009 Share Posted July 30, 2009 There is no specific case. I guess what I'm trying to say is there will always be a lawyer that will attempt to prove gross negligence to add one more party to the suit. Scott Link to comment Share on other sites More sharing options...
BudLeiser Posted August 1, 2009 Author Share Posted August 1, 2009 I was once told by an accountant that specialized in small business setups, that if you personally service the machine, then you personally can be sued - regardless of the business entity setup. Now if you had an employee doing the work, then that would be different and the business entity would most likely protect you. Maybe she was right or not. And I certainly do not know for sure. All I know is that he more I probe in this, the more variations in answers I get from different people! Jax That's great but what did your lawyer say about your taxes? Link to comment Share on other sites More sharing options...
alyssamma Posted August 1, 2009 Share Posted August 1, 2009 Scott, what you say is probably true, but you are talking an extreme case. We've all heard about the $1M hot coffee lawsuit from McD's. Nothing can be done about that. However, for your best asset/liability protection, the LLC is the way to go. Link to comment Share on other sites More sharing options...
mike777 Posted August 5, 2009 Share Posted August 5, 2009 State fee to incorporate in Mass is $520.00. I tried to incorporate in DE but was faced with the foreign entity fee and registered agent fee. Together they totaled well over $520.00. Wow, and I thought $170 (MN) was bad.. Link to comment Share on other sites More sharing options...
BudLeiser Posted August 15, 2009 Author Share Posted August 15, 2009 Wow, and I thought $170 (MN) was bad.. Their all bad. Just one more fee to drive up the point of unnecessary critical mass. Link to comment Share on other sites More sharing options...
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