LLC or sole proprietor with umbrella policy?

The liability is LIMITED. Again, that’s the whole point of a LIMITED LIABILITY CORPORATION, to keep your PERSONAL wealth safe.

You can sue anyone you want. Doesn’t mean you’re going to gain anything.

 

Sorry dude you’re again wrong, discuss it with someone who went after a trucking company for damages, they can explain where the protection start and end.

I’m not going to argue with you, I’ve already went down this path a few times and every time the vail of protection has been pierced and personal assets were on the table along the lines of what I posted. The last time was when I was in an accident caused by a driver of the truck. It was an llc and my lawyer went after the owner and his family who was involved with the company. They tried to hid assets when the judge declared they were personally liable for the actions of the driver because the reasons along the lines I mentioned. As the judge said there is no obfuscation of responsibilities of an owner when there is an obligation to minimize possible risks by following regulations and act to maintain the safety of public from the driver and truck. This was settled out of court for a crap load of money (Some of the assets were liquidated in order to pay) and it shut down the company.

 

Well golly, I guess I better start writing letters to every corporation (and their staff of Harvard lawyers) in the country to let them know how wrong they are and that their efforts were a waste of time.

And yes, this discussion is over. I’m not going to waste any further energy with this. Believe whatever you want.

Enjoy your weekend!

 

Full C corp is the only way to protect your assets and yourself. Double taxation no, there's a reason they say corps don't pay taxes people do. I haven't paid taxes on my C corps in 30 years..you need a good CPA.

 

So..
What I’m reading, if someone gets hurt at say a major fast food chain, they can sue not only the store, but every worker there?
Where do we sign??


There’s always one...

 

I’m curious. Why did you choose to go C Corp to begin with?

The reason I ask is there is a little known loophole in the tax code that is sometimes exploited to fund a business when loans and other sources of start up capital are not available.

 

My Tax guy at the time was the ex head of the the local area IRS and taught the agents the new tax code changes each year.
You could setup a tax deferred retirement plan up to 100% of your salary, defined benefit plan.
I was able to setup a leasing company to lease my truck to my C corp, 100% deductible to corp and take the deprecation personally.
C corp could pay 100% of my medical pre tax $ .

Goes on and on.

 

you two are arguing about two different liabilities: financial and negligent acts. Yes, LLC’s protect your personal wealth from business obligations. No, LLC’s do not protect you from liabilities you create through your negligent acts.

It’s not appropriate to call it “piercing the corporate veil”, since your negligent or criminal behavior is never shielded in the first place.

It’s no different than an O/O with an LLC running over a bus load of nuns. He, as a driver, is liable for his actions, the LLC does not protect him from that liability.