Skid Loader
Sunday, May 2nd, 2010Skid Loader
Is the owner of an LLC protected from law suits?
Hello, I am setting up my landscaping business and am curious about an LLC. I have done a lot of reading and a majority of the information available talks about liability to banks and what not.
Hypothetically I cut someone in half with my skid loader and kill him, can the wife sue me personally. I heard that they can, which would be bad. If so how do we avoid this.
I was told to set up an LLC that owns another 2nd LLC, then operate business through the 2nd company. Apparently you can have all payments and assets owned by the Main comapny, and the 2nd company has no assets for anyone to even sue in the first place?
Anyone familiar with this?
Corporations and LLCs protect your personal assets in the event of your business failing unless you had to sign personal guarantees — which is usually the case.
No form of business will protect you from being liable for Your Own actions.
Aside from the issue of liability anyone can sue you for either a valid or frivolous reason at any time. They may not win their suit, but it will cost you time and money to defend yourself.
In the situation you describe you can be sued because you as an individual were operating the skid loader and your business can be sued because it is responsible for the actions of its employees.
Hope this helps
Jerry-the-bookkeeper
74″ Skid Steer Loader Bucket
* Plus government fees and taxes, any finance charges, any dealer document preparation charge, and any emission testing charge.
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