gundog Posted August 1, 2009 Share Posted August 1, 2009 Do you need Liability insurance or other insurance on your machines? I wasn't planning on getting any as my machines are not real valuable. I hope it is cheap if I need it. Link to comment Share on other sites More sharing options...
G-Vending Posted August 1, 2009 Share Posted August 1, 2009 Liability insurance is needed.. Your machine takes someones money they in turn tip your machine over and they are under it what do you think will happen? you are going to get sued Link to comment Share on other sites More sharing options...
alyssamma Posted August 1, 2009 Share Posted August 1, 2009 Well, the question isn't about getting sued, it is what will happen if you do get sued. If you have an LLC, and you don't care about the worth of your machines, then there is no need for insurance. The most you can lose in a suit is the worth of your business. But, like I said, you must have an LLC for this scenario. Kevin Link to comment Share on other sites More sharing options...
BDIG36 Posted August 1, 2009 Share Posted August 1, 2009 how much does a llc. cost Link to comment Share on other sites More sharing options...
alyssamma Posted August 1, 2009 Share Posted August 1, 2009 Depends on the state. In OH it is $125. In IL and MA it is much more. Go to your state's secretary of state website...the cost will be there. Kevin Link to comment Share on other sites More sharing options...
gundog Posted August 2, 2009 Author Share Posted August 2, 2009 I did set my business up as an LLC. When purchasing machines how do you make the LLC the legal owner of the machines. Is the bill of sale with the LLC name sufficient? Link to comment Share on other sites More sharing options...
alyssamma Posted August 2, 2009 Share Posted August 2, 2009 Gun, you'll need to have a separate bank account and purchase things through the LLC. A BoS is not enough Read this thread and then ask more Q if you are still confused: http://vendiscuss.com/forum/index.php?topic=5975.0 Kevin Link to comment Share on other sites More sharing options...
gundog Posted August 2, 2009 Author Share Posted August 2, 2009 Great info there alyssamma. I guess I will have to look into it more. One machine I purchased with cash before I got my checking set up. Any other ways to prove the business is the owner? My others should be ok. They were paid by cashiers check of which a check out of my business account was used to pay the cashiers check. Link to comment Share on other sites More sharing options...
alyssamma Posted August 2, 2009 Share Posted August 2, 2009 Gun, yes. You need to have your business reimburse you for the machine you paid for with cash. That should then make everything ok... Kevin Link to comment Share on other sites More sharing options...
joebob051977 Posted August 4, 2009 Share Posted August 4, 2009 You need liability to protect your own assests. People are stupid and will do stupid things, and sue you. I have an uncle (did a stupid thing). He put a package on top of a vending machine. Later when he went to get it, he climbed up it a little and it fell over on him (breaking his leg). While this may not have been the vendor's fault, a sympathetic judge might think it is, and regardless, you would have court costs for your defense. My uncle did not sue since he was smart enough to knew he was stupid for climbing on top of a machine. Link to comment Share on other sites More sharing options...
alyssamma Posted August 4, 2009 Share Posted August 4, 2009 Just to be clear, if you have an LLC it is the assets of the LLC, not your *personal* assets. Without an LLC (or S-Corp) then it is your personal assets. Link to comment Share on other sites More sharing options...
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